Unique Fire Holdings Bhd (UNIQUE, 0257)

• UNIQUE is on the verge of a potential bullish breakout from its U-shaped recovery pattern, aimingto surpass the immediate resistance at RM0.41. With the stock bouncing off the 20-day EMA, a positive outlook is anticipated. Additionally, supportive technical indicators in the RSI and the improving EMAs suggest a likelihood for a technical breakout.

• In the event it breaks above the RM0.41 neckline, this will improve market sentiment and lift the stocktowards the subsequent level of RM0.43 (R1), followed by RM0.46 (R2).

• On the downside, stop-loss is set at RM0.34, below 50 days EMA.
  

Source: Rakuten Research - 13 Aug 2024

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