UWC Bhd (5292)

• UWC gained 4.2% or 14 sen to close at RM3.51 yesterday.
• Chart-wise, share price remains on a long-term uptrend cycle and yesterday’s bullish breakout saw it hitting a 52-week high on the back of higher volume. Based on the strong buying momentum share price is likely to continue breaking new high heading towards the RM4.00 level.
• As such, resistance levels are expected at RM3.60 (R1) and further to RM3.80 (R2).
• Conversely, downside support levels can be expected at RM2.88 (S1) and RM2.50 (S2).

Source: Rakuten Research - 17 Jan 2020