Uzma Bhd (UZMA, 7250)

• Share price closed 4.76% higher at RM0.66 on last Friday.

• UZMA has been on a consolidation mode since end-February after reaching its YTD high of RM0.75, with a support level found at RM0.62. It recently broke out from the resistance level of RM0.66, accompanied by high buying volume last Friday after the announcement of several substantial O&G contracts. With indicators showing uptick momentum, the share price is expected to continue moving higher.

• Resistance level are identified at RM0.66 (R1) and RM0.685 (R2).

• On the flipside, support levels are pegged at RM0.62 (S1) and RM0.59 (S2).

Source: Rakuten Research - 26 Jun 2023

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