United U-Li Corporation Bhd (ULICORP, 7133)

• Share price has surged 40% since our last technical buy call on 19th April.

• ULICORP may extend its upward trajectory after hitting a 52-week high with its seventh consecutivewhite candle yesterday. Considering the stock broke out from its one-month ascending triangle pattern two sessions ago and is pulling further away from all EMAs, a positive outlook is expected in the near term.

• We expect the positive momentum is set to steer the stock higher and test the next resistance levelof RM2.20 (R1), followed by RM2.40 (R2) in near term.

• On the downside, stop-loss is set at RM1.86, below 20 days EMA.
  

Source: Rakuten Research - 25 Jun 2024

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