UMedic Group Bhd (UMEDIC, 0256)

• Share price closed 2.74% higher at RM0.75 on Tuesday.

• UMC has been retracing from the high of RM0.90 since the month of April. Support is found at RM0.70 and it broke out from its RM0.735 resistance level yesterday with improved buying interests. Coupled with indicators showing an uptick in momentum, share price is expected to trend higher.

• Resistance levels are identified at RM0.785 (R1) and RM0.82 (R2).

• On the flipside, support levels are pegged at RM0.70 (S1) and RM0.675 (S2).

Source: Rakuten Research - 7 Jun 2023

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