UMediC Group Bhd

• Share price closed 1.33% higher at RM0.76 on last Friday.

• UMC entered into a consolidation phase after reaching its 52-week peak of RM0.90 in Apr-23. Share price subsequently rebounded after touching its support line at RM0.715 (S1) over the past two weeks and recently has successfully surpassed both its EMA 20 and EMA 50 lines. With the EMA 20 and 50 lines on the verge of a potential crossover in the near term, there is an anticipation that the bullish momentum will continue to drive it toward the subsequent resistance level of RM0.78 (R1).

• Towards the downside, stop-loss is set at RM0.705 (S2), below the 1 month low.

• Fundamentally, UMC is currently expanding its production capacity by constructing a new facility close to its existing plant, and this facility is expected to be operational by the end of 2023. A substantial portion of this new space is earmarked for manufacturing purposes.

Source: Rakuten Research - 16 Oct 2023

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