Thursday, June 24, 2010

UEM Land immediate technical outlook bullish

KUALA LUMPUR:'' UEM LAND HOLDINGS BHD []'s immediate technical outlook of UEM Land is bullish but it would need to crack above the RM1.66 level to sustain its short-term upward trend, says OSK Research.

The research house said on Thursday, June 24 the share price performance since last month may seem very strong but its recent price action is basically contained within a very wide trading range which has been in existence for a year.

Its share price has already exhibited a sideways trend following the sharp run-up in the March-June 2009 period.

The stock would have to crack above its historic high of RM1.66. If not, it simply means that UEM Land will continue to trade sideways for the months ahead.

OSK Research said from the current level, look for an immediate support at the RM1.48 level. The support for the wide trading range is situated at the RM1.13 level.

While the immediate technical outlook as far as the longer-term technical outlook is concerned, it will remain stuck in a sideways trend until either the RM1.13 level or the RM1.66 level is taken out.

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