UMedic Group is in the midst of consolidating sideways between MYR0.695 and MYR0.74 amid the uptrend reversal posture above the 21-day average line. If the stock rebounds and breaches the resistance of MYR0.74, the bullish momentum may accelerate to propel the stock northwards towards the MYR0.80 mark. This is then followed by the next resistance of MYR0.885, or 28 Sep’s high. The momentum may be reversed if it drops below MYR0.695 – forming a “lower low” bearish pattern, below the average line.

Source: RHB Securities Research - 9 Dec 2022