UMW Holdings Berhad (UMW, 4588)

• Share price closed 0.52% higher at RM3.85 on Wednesday.

• UMW broke out from the resistance level of RM3.73 on 30th May with higher buying volume. Buying  interest persisted on the 31st but failed to close at a higher price. Nevertheless, a bullish MACD had  crossover and its indicators are showing uptick momentum thus share price is expected to trend  higher.

• Resistance levels are identified at RM3.88 (R1) and RM3.97 (R2).

• On the flipside, support levels are pegged at RM3.62 (S1) and RM3.50 (S2).

Source: Rakuten Research - 1 Jun 2023

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