RHB Retail Research
Technical Analysis - UMW
UMW formed a long white candle, indicating that the momentum of buying could be strong. In view that the 21-day SMA line is likely to begin turning upwards, this also implies a positive outlook. A bullish bias may appear above the MYR5.23 level, with an exit set below the MYR4.85 threshold. Towards the upside, the near-term resistance is at MYR5.85. This is followed by the MYR6.18 level.
Source: RHB Securities Research - 4 Dec 2018
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