UEM Sunrise is poised to resume its uptrend as it bounced off from Tuesday’s pullback yesterday, while heading for the resistance level of MYR0.75. If the bullish momentum persists, it may drive the stock towards a fresh 52-week high of MYR0.80, followed by the MYR0.90 mark. A fall below the MYR0.65 support – forming a “lower low” bearish pattern below the 21-day SMA line – would dent sentiment and spark a downtrend.
Source: RHB Securities Research - 7 Sept 2023
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