Stock Picks Of The Day – UMediC Group, ECA Integrated Solution

May 17, 2024 | News | 0 comments

UMediC Group is eyeing to resume its uptrend following a recent pullback as it bounced off the 21-day SMA line yesterday, heading towards the MYR0.72 immediate resistance.

RHB Retail Research in a note today (May 16) said if that level is broken, the bullish momentum will drive the stock higher towards the MYR0.775 resistance, followed by the MYR0.83 next resistance.

On the flip side, falling below the MYR0.68 support negates the bullish setup, as the counter would then be trading below the SMA line.

ECA Integrated Solution is eyeing a technical rebound after attempting to close above the MYR0.42 consolidation phase yesterday.

If it manages to climb above this phase, the stock may rebound higher towards the MYR0.48 recent high, followed by the MYR0.55 next resistance.

However, falling below the MYR0.385 support reverses the momentum, as the counter will be trading below the SMA line and forming a “lower low” bearish structure.


– Business Today  –