UMW Holdings is resuming its uptrend after it broke away from the immediate resistance of MYR3.29 on surging trading volume – forming a long white candlestick. Coupled with a “higher high” bullish pattern, the bullish momentum above that level may propel the stock towards the next resistance of MYR3.50, followed by MYR3.60 – its 52-week high. However, this expectation will be cancelled if it falls below the MYR3.16 support level.

Source: RHB Securities Research - 15 Sept 2021