Thursday, December 27, 2007

UEMBLDR has tested its strong horizontal support

UEMBLDR broke its strong horizontal support at RM1.15 on December 19, when it closed at the low of RM1.13. Over the next three days, UEMBLDR's share price recovered above that support; thus this strong horizontal support still remained in tact.

Over the next few weeks, UEMBLDR's share price could recover further to test its overhead resistance levels at RM1.30, RM1.45 & RM1.60. As such, UEMBLDR- at the overnight price of RM1.19- could be a fairly rewarding Trading Buy, for a holding period of 2 to 3 months. Setting a stoploss for this trade must take into account the next strong horizontal support (and a psychological support) of RM1.00. Thus, the stoploss maybe set at, say RM0.95.

Chart: UEMBLDR's weekly chart as at December 26 (courtesy of Quickcharts)

No comments: