Amid positive sentiment in semiconductor counters underpinned by higher demand for electronic gadgets, UNISEM rose 4 sen (+2.3%) to settle at RM1.76 with high trading volume. Chart-wise, UNISEM has recently broken out from its multi-year resistance level of RM1.66. Key indicators (MACD, RSI and Stochastic) are also hooking upwards, suggesting that buying momentum is building up. Besides, all 3 SMA levels are also on an uptrend, lending a hand to the bullish biasness. Thus, we believe that follow-through buying interest could rally the share price towards RM1.85 (R1) and possibly RM1.97 (R2) further in the near term. Meanwhile, traders should employ a strict stop-loss 3 bid below the new ‘resistance-turned-support’ level of RM1.66 at RM1.63.

 

Source: Kenanga