Feb 18, 2011

UEM Land Holding Trend Chart

UEM Land HoldingsBhd(RM2.93@ 16/2/11)

uemland-daily-chart above: UEMland daily chart (click to enlarge)

Judging from UEM Land’s price action over the last few trading days and the recent violation of the short-term downtrend line, it looks like the stock might be creating a steeper uptrend at above the longer-term trend line which we refer to “Uptrend line 1”. Traders can consider accumulating the shares at above the recent low of RM2.65 level. We are eyeing the RM3.40 level as the upside target while our cut loss point is pegged at below the RM2.65 level. From the current level, there is initial support at the RM2.65 level, followed by the RM2.36 level. To the upside, we are eyeing an immediate resistance at the RM3.29 level, followed by the RM3.40 level. Both the near-term and mid-term technical outlooks of UEM Land are now aligned with a bullish bias.

by OSK