UEM Sunrise is poised for an uptrend reversal from a recent major retracement. It bounced off the 21-day average line yesterday to hit the MYR0.27 resistance level – within its sideways consolidation phase. If it manages to surpass the resistance level to form a “higher high” bullish pattern, the stock may propel towards MYR0.30, followed by MYR0.315, which was Nov 2022’s high. However, the counter may move downwards if it falls below the MYR0.24 support level, as it would be trading below the short-term average line, forming a “lower low” bearish pattern.

Source: RHB Securities Research - 26 Jan 2023