United U-LI Corporation Bhd

• Share Price Closed 8.97% Higher at RM1.70 on Tuesday.

• ULICORP has been on an uptrend since end Aug-23. It formed a long white candlestick after breaking out from its resistance level at RM1.65 supported by decent buying momentum yesterday. With the stock hitting a new 52-week high, trading above all its EMA lines, and a bullish MACD crossover, these suggest that the upward momentum is picking up further.

• The bullish momentum is expected to drive it towards the resistance level of RM1.71 (R1), followed by RM1.74 (R2).

• Towards the downside, stop-loss is set at RM1.39, below the 5 Oct’s low.

Source: Rakuten Research - 18 Oct 2023

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