UMedic Group is eyeing the historical high as it rebounded from the recent pullback while trying to reclaim the area above the resistance level of MYR0.835 last Friday – on top of trading above the 21-day average line. If a breakout above that level happens, the bullish bias may propel it further towards the all-time high of MYR0.905 (which it printed on 13 Sep), before possibly hitting a new peak at the MYR1.00 mark. However, the counter may reverse direction if it falls below the MYR0.71 support – trading below the average line while forming a “lower low” bearish structure.

Source: RHB Securities Research - 26 Sept 2022