UNISEM (M) Bhd retraced from the most recent highs of RM2.12 on April 7 to a low of RM1.92 in mid-April on correction before bouncing up in the wake of fresh bargain-hunting buying momentum, lifting prices to close at RM2.07, up six sen yesterday.
Based on the daily bar chart, this stock appears on a new leg of upward thrust, but further observation such as a decisive bullish breakout is still needed before one is certain about the trend ahead.
Apparently, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise. It triggered a short-term buy at the bottom on Tuesday.
Also on the rise, the 14-day relative strength index improved significantly from a reading of 38 earlier of the week to end at the 67 points yesterday.
Meanwhile, the daily moving average convergence/divergence histogram climbed over the daily trigger line to issue a buy signal yesterday.
Technically, Unisem, also Malaysia's second biggest listed semiconductor assembler, is poised to advance on follow-through interest in the immediate term.
A successful penetration of the relatively strong overhead barrier of RM2.12 may propel prices up to the RM2.32 level or RM2.50-RM2.51 band in the near term. The next upper hurdle is seen at RM2.71, also the previous major rally peak set on May 3, last year.
Initial support is expected at RM1.98 and the last defence line is set at the RM1.92 floor. - By K.M. LEE
● The comments above do not represent a recommendation to buy or sell.
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