UMediC eyeing to resume its uptrend, says RHB Retail Research
16 May 2024, 08:26 am
KUALA LUMPUR (May 16): RHB Retail Research said UMediC Group Bhd (KL:UMC) is eyeing to resume its uptrend following a recent pullback as it bounced off the 21-day simple moving average (SMA) line on Wednesday, heading towards the 72 sen immediate resistance.
In a note on Thursday, the research house said that if that level is broken, the bullish momentum will drive the stock higher towards the 77.5 sen resistance, followed by the 83 sen next resistance.
“On the flip side, falling below the 68 sen support negates the bullish setup, as the counter would then be trading below the SMA line," it said.
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