UMCCA should climb higher if it stays above RM7.80. A purchase can be made on a close above RM7.80, with the recent low of RM7.55 as a stop-loss. An aggressive trader may even opt for yesterday’s low of RM7.64 as a stop-loss. The price target is RM8.75, with selling also expected at RM8.00. Failure to break higher could see it consolidating sideways. Strong support is seen at RM7.00.
Source: OSK
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