UEM Sunrise Berhad

• Buying interests on UEMS returned after it pushed out from a three-week bullish flag pattern with a long white candle two sessions ago. In view of the share prices closing above the 20-day EMAs last Friday coupled with positive technical indicators of EMAs and RSI, further suggests a shift towards upward momentum.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM1.11 (R1) and RM1.17 (R2) in the near term.

• On the downside, stop-loss is set at RM0.91, below the 18 Jan’s low.
  
  

Source: Rakuten Research - 18 Mar 2024

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