Rakuten Trade Research Reports

Technical View - United U-Li Corporation Bhd

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Publish date: Fri, 19 Apr 2024, 10:32 AM
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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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