Umedic Group Bhd

• Share price closed 1.44% higher at RM0.705 on Monday.

• UMC has been on a downward sloping trend since reaching its YTD-high of RM0.90 in mid-Apr, with a support level found at RM0.69. Share price has broken out three times with strong buying momentum over the past week before settling at current level. Fundamentally, MOH’s RM36.33bn allocation for 2023 (+12%) from 2022 is anticipated to benefit the healthcare players. Coupled with bullish MACD crossover, share price is expected to propel higher.

• Resistance level are identified at RM0.71 (R1) and RM0.735 (R2).

• On the flipside, support levels are pegged at RM0.69 (S1) and RM0.675 (S2).

Source: Rakuten Research - 8 Aug 2023

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