UWC Bhd (5292)

• UWC rose 9.1% or 33 sen to close at RM3.97 yesterday.

• Chart-wise, share price remains on a long-term uptrend cycle and yesterday’s bullish breakout saw it closed at a 52-week high backed by higher volume. Based on strong buying momentum share price is likely to continue breaking new highs potentially heading towards the RM4.60 level.

• From here, resistance levels are expected at RM4.00 (R1) and further to RM4.60 (R2).

• Conversely, downside support levels can be expected at RM3.30 (S1) and RM2.80 (S2).

Source: Rakuten Research - 23 Jan 2020