United U-Li Corporation Bhd (ULICORP, 7133)

• ULICORP may trend higher after breaking out from its two-week bullish flag pattern with a longwhite candle yesterday. In addition to the two consecutive white candles supported by positive technical indicators such as RSI and EMAs, the convergence of the 20-day EMA and 50-day EMA suggests a potential bullish crossover, hence strengthening the near-term bullish momentum.

• We expect the positive momentum to steer the stock higher and test the next resistance level ofRM1.58 (R1), followed by RM1.70 (R2) in near term.

• On the downside, stop-loss is set at RM1.31, below 4 Mar’s low.
  

Source: Rakuten Research - 19 Apr 2024

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