Dec 21, 2011

UEMLAND - Technical Buy?

UEM Land Holdings (stock code 5148) –  RM2.28.

UEM Land’s candles have oscillated within the RM2.10 and RM2.30 level for the past week, but made a breakout yesterday, which has been its major resistance over the past month. Expectedly,its indicators are on the climb and are looking to strengthen further, despite the stochastic nearing the upper limit line.

Below: UEMLAND Technical Daily char (click to enlarge)


With the positive outlook permeating, the upside bias looks to sustain with the stock worth a Trading buy. The resistance pegged at RM2.40, while the RM2.10 level providing interim support. Below that, the support is at RM2.00.

by Mercury Securities