Kenanga Research & Investment
Highlights / Stock Picks of the Day - UMW Oil & Gas Corporation Berhad (UMWOG) – Not Rated
UMWOG rebounded from recent low of RM1.91 and registered a +11.9% gain yesterday to close above its mean regression line at RM2.35. Overall technical outlook is bullish, a white “Marubozu” like candlestick has been formed, indicating that bull overtake the bear in the day trade. Positive reading from key indicators such as RSI and Stochastics, coupled with MACD indicator has performed a positive crossover the Signal line, showing that the stock’s buying momentum is developing. Thus, we reckon UMWOG to retest the next resistance level at RM2.50 (R1) and possibly RM2.70 (R2) next.
Source: Kenanga
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