UEM Sunrise is poised to continue the bullish trajectory after breaking past the resistance on high volume. The stock charted a long white candlestick yesterday and closed above the MYR1.02 resistance, showing the underlying momentum is bullish. After the breakout, we expect a follow-through price action to test the MYR1.10 level, followed by the MYR1.20 mark. In the event it breaches the MYR0.95 support, this will dent market sentiment and opens the door for a correction.

Source: RHB Securities Research - 31 Dec 2024