UUE Holdings Bhd (UUE, 0310)

• UUE posted a strong white candlestick to break out from its 1.5-month rectangle last Friday. Weanticipate the stock may continue with its upward momentum, as the two consecutive white candlesticks prevented the 20-day EMA from crossing below the 50-day EMA. This suggests a potential resurgence of buying interest in the near term, accompanied by a rising RSI.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM0.84(R1) followed by RM0.94 (R2) in the near term.

• On the downside, stop-loss is set at RM0.63.
  

Source: Rakuten Research - 14 Oct 2024

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