Uzma is poised to resume its recent uptrend reversal as it bounced off the 21-day average line on Monday to then attempt to surpass the MYR0.41 immediate resistance yesterday – this is coupled with improved trading volumes over the last two sessions. Riding on the current “higher low” bullish posture, the stock is likely to see a breakout happening in the coming sessions. If that happens, the counter may then propel further towards MYR0.435 – the highest level since 15 Sep – and followed by MYR0.455 or 9 Jun’s high. Conversely, it may reverse direction if it falls below the MYR0.385 support, forming a “lower low” bearish structure beneath the average line.

Source: RHB Securities Research - 24 Nov 2022