UEM Edgenta Bhd (EDGENTA, 1368)

• Share price closed 2.0% higher at RM1.02 on Tuesday.

• EDGENTA finally rebounded from its support level of RM0.975 and broke out from its resistance levelof RM1.01 yesterday despite trading volume is seen to be rather thin recently. Nevertheless, MACD had as bullish crossover and indicators are showing uptick momentum, therefore share price might go higher.

• Resistance levels are identified at RM1.03 (R1) and RM1.08 (R2).

• On the flipside, support levels are pegged at RM0.975 (S1) and RM0.95 (S2).

Source: Rakuten Research - 24 May 2023

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