Mar 28, 2012

Unisem Technical Trading Buy

Unisem (M) Bhd (stock code 5005) –Technology – RM1.49
Unisem’s candle made a strong breakout of its long-term downtrend line as well as the RM1.50 level and tested the RM1.55 yesterday. The strong run-up also allowed the candle to breach its congestion band at around the RM1.35 Its  indicators are also on the rise, suggesting further upsides, but yesterday’s surge may prompt a consolidation. 

unisem above: Unisem Daily chart (click to enlarge)

Therefore, the stock is also worth a buy if it takes out the RM1.55 sen in the near term, otherwise it would be wise to wait for the consolidation to take its course first. There is support at RM1.33 with the strong support at RM1.30. The resistance, meanwhile, is at RM1.60

by Mercury Securities