UWC is set for an upward rebound as it broke above the MYR3.42 resistance on stronger volume yesterday – printing a “White Marubozu” bullish candlestick. If the bullish momentum persists, the stock may climb further towards the immediate resistance at MYR3.80 – or the high of 7 Apr – before heading towards MYR4.08, or the high of 5 Apr. If it falls below the support level of MYR3.24, the stock may trend downwards, below the average line.

Source: RHB Securities Research - 21 Jul 2022