UNISEM recently broke out from its multi-month resistance level of RM2.30 as well as its 5-year high of RM2.32 on heavy trading volume. The share price closed at RM 2.34, settling above all its key SMAs. Technically, despite the primary trend remaining intact, both RSI and Stochastic indicators are showing signs of being overbought, suggesting that there might be a consolidation after the strong breakout. Therefore, we advocate investors to wait for a technical pullback towards its resistance-turned-support level of RM2.30 for a better entry level.

Source: Kenanga