UEM Sunrise is set to climb higher after rebounding strongly to reclaim the 21-day SMA line, and breaking above the MYR1.17 resistance level yesterday with strong trading volume. If the breakout sustains, the bullish momentum may propel the stock towards the historical high at the MYR1.28 resistance, followed by the next resistance level at MYR1.36. However, a fall below the MYR1.12 support level would reverse the momentum, as the counter would be trading below the SMA line.

Source: RHB Securities Research - 11 Jun 2024