Uzma is poised for a technical breakout, after undergoing a strong rebound from the 21-day SMA line recently. It tested the immediate resistance of MYR0.70 yesterday, on surging trading volume. If a breakout happens, the bullish bias above that level may lift the stock towards the MYR0.75 resistance, followed by MYR0.80. Conversely, falling below the MYR0.645 support and forming a “lower low” bearish pattern below the SMA line, would dent sentiment and result in a downtrend.

Source: RHB Securities Research - 25 Jul 2023