UMediC Group is eyeing to resume its uptrend following a recent pullback as it bounced off the 21-day SMA line yesterday, heading towards the MYR0.72 immediate resistance. If that level is broken, the bullish momentum will drive the stock higher towards the MYR0.775 resistance, followed by the MYR0.83 next resistance. On the flip side, falling below the MYR0.68 support negates the bullish setup, as the counter would then be trading below the SMA line.

Source: RHB Securities Research - 16 May 2024