UMW Holdings likely to resume its uptrend continuation pattern, as it climbed above the immediate resistance of MYR4.17 yesterday, forming a “higher high” bullish pattern. The bullish bias above that level may see the stock trending higher towards MYR4.50, followed by the MYR5 threshold. A breach below the MYR4 support – resulting in the formation of a fresh “lower low” bearish pattern – would dent sentiment and spark a reversal in trend.

Source: RHB Securities Research - 10 Aug 2023