UOADEV’s share price was up by 1.0 sen (0.46%) to RM2.19. It had remained resilient despite turbulent market conditions over the past week. Chart-wise, there appears to be a “Long Shadow” candlestick, but buyers dominated the day's trading. A “Golden Cross Over” is also apparent as the 20-day SMA crossed over the 100-day and 50-day SMA. Indicator-wise, the MACD has just crossed over the Signal Line suggesting that a bullish uptrend is imminent. RSI and Stochastics remain unscathed at overbought levels. Should buying interests persist, we expect the share price to reach the RM2.28 (R1) level before retesting the next resistance of RM2.39 (R2).

 

 

Source: Kenanga