Unisem (M) Bhd (UNISEM, 5005)

• UNISEM is poised for a potential bullish breakout from its two-month rectangular pattern, targeting to surpass the immediate resistance of RM3.40. In view of the stock posting a white marubozu candlestick last Friday coupled with the 20-day EMA starting to turn upward, a positive outlook can be expected here.

• In the event it breaks above the RM3.40 neckline, this will improve market sentiment and lift the stock towards the subsequent level of RM3.62 (R1), followed by RM3.90 (R2).

• On the downside, stop-loss is set at RM3.19.

Source: Rakuten Research - 15 Jan 2024

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