UMW is resuming its uptrend, says RHB Retail Research

UMW is resuming its uptrend, says RHB Retail Research
-A +A

KUALA LUMPUR (Sept 15): RHB Retail Research said UMW Holdings Bhd is resuming its uptrend after it broke away from the immediate resistance of RM3.29 on surging trading volume – forming a long white candlestick.

In a trading stocks note today, the research house said that coupled with a “higher high” bullish pattern, the bullish momentum above that level may propel the stock towards the next resistance of RM3.50, followed by RM3.60 – its 52-week high.

“However, this expectation will be cancelled if it falls below the RM3.16 support level,” it said.