UOA Development Bhd (UOADEV, 5200)

• UOADEV is poised for a potential bullish breakout from its two-month rectangular pattern,targeting to surpass the immediate resistance of RM1.93. In view of its 20-day and 50-day EMAs are converging and likely to confirm its bullish crossover in near term, we see a possibility for a technical breakout.

• In the event it breaks above the RM1.93 neckline, this will improve market sentiment and lift the stocktowards the subsequent level of RM2.04 (R1), followed by RM2.20 (R2).

• On the downside, stop-loss is set at RM1.71.
  

Source: Rakuten Research - 14 Aug 2024

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