KUALA LUMPUR: CIMB Equities Research has a technical sell on UEM Land Holdings at RM1.94 at which it is trading at a FY12 price-to-earnings of 29.8 times and price-to-book value of 1.9 times.
It said on Friday, Oct 21 UEM Land had a good run after prices broke out of its wedge pattern. It hit a high of RM2.06 before consolidating near its 50-day SMA.
'Looking at the chart, we think this upswing is likely over for now as the rebound has reached the 38.2% FR level. Indicators are showing easing signs. MACD histogram bars are rising at a slower pace while RSI has hooked downward,' it said.
CIMB Research said traders should do well selling into strength. However, put a buy stop at RM2.10, just in case. On the downside, a break below its 30-day SMA (at RM1.85) will drag prices towards RM1.73 and RM1.62.
It said on Friday, Oct 21 UEM Land had a good run after prices broke out of its wedge pattern. It hit a high of RM2.06 before consolidating near its 50-day SMA.
'Looking at the chart, we think this upswing is likely over for now as the rebound has reached the 38.2% FR level. Indicators are showing easing signs. MACD histogram bars are rising at a slower pace while RSI has hooked downward,' it said.
CIMB Research said traders should do well selling into strength. However, put a buy stop at RM2.10, just in case. On the downside, a break below its 30-day SMA (at RM1.85) will drag prices towards RM1.73 and RM1.62.
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