KUALA LUMPUR (June 11): RHB Retail Research said UEM Sunrise Bhd (KL:UEMS) is set to climb higher after rebounding strongly to reclaim the 21-day simple moving average (SMA) line, and breaking above the RM1.17 resistance level on Monday on strong trading volume.
In a trading stocks note Tuesday, the research house said if the breakout sustains, the bullish momentum may propel the stock towards a historical high at RM1.28 resistance, followed by the next resistance level at RM1.36.
“However, a fall below the RM1.12 support level would reverse the momentum, as the counter would be trading below the SMA line,” it said.