UUE Holdings Bhd (UUE, 0310)

• We believe UUE may trend higher after breaking out from its two-week bullish flag pattern duringthe previous session. As the stock formed a white marubozu candlestick and pulling further away from 20-day EMA, it likely suggests that its bullish momentum is picking up further.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM0.87(R1) followed by RM0.935 (R2) in the near term.

• On the downside, stop-loss is set at RM0.73.
  

Source: Rakuten Research - 29 Jul 2024

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