UWC Bhd (5292)

• UWC rose 4.7% or 7 sen to RM1.57 yesterday.
• Since our technical report dated 23 Aug 2019, share price has had broken its all-time-high of RM1.59. The bullish trendline remains intact supported by recent good quarterly results and favourable outlook guidance by management.
• Key momentum indicators RSI and Stochastics continue to show upward bias movement, and should it break its key resistance level at RM1.59 (R1), we expect share price to chart new highs challenging the RM1.83 (R2) level.
• On the contrary, support levels are identified at RM1.45 (S1) and RM1.37 (S2).

Source: Rakuten Research - 6 Sept 2019