UWC Bhd (5292)

• UWC rose 15 sen or 6.27% to close at RM2.54 yesterday.

• Share price hit an all-time high at RM2.55 yesterday with a long bullish white candle on the back of higher trading volume.

• Chartwise, yesterday’s breakout indicates the bullish uptrend remains intact given the positive signals and the sustained buying momentum is likely to see it scale new high, potentially heading towards the RM2.70 level.

• From here, resistance levels are expected at RM2.60 (R1) and further to RM2.70 (R2).

• Conversely, support levels are found at RM2.37 (S1) and RM2.00 (S2).

Source: Rakuten Research - 8 Nov 2019