Thursday, December 09, 2010

UEMLand to test the resistance of RM2.57-2.60 shortly.

UEMLand is all set for another "loud hailer" test. In the past 12 months, UEMLand consolidated 4 times & formed a "loud hailer" each time (see the daily chart below). In the past three occasions where it managed to surpass the upside resistance, the stock had gone higher. The first attempt usually failed. If it succeeds in an upside breakout, the stock would rise further but it tends to slid back to the breakout level a few weeks later. In the current test, we will see whether UEMLand can take out the upside resistance at RM2.57-2.60. If it can do so, the stock may charge to RM3.00. If not, it may enter into a short correction and prepare for another attempt a few days or weeks later. With this information, you may be better prepared to take the opportunities that may arise. Good luck!


Chart: UEMland's daily chart as at Dec 9, 11.30am (Source: Quickcharts)
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2 comments:

  1. NGUThursday, December 09, 2010 1:29:00 PM

    Hi Alex,

    What is your outlook of Axiata and Keck Seng chart-wise ?

    Thank you.

    ReplyDelete
  2. Alex LuWednesday, December 15, 2010 10:19:00 AM

    Hi NGU,

    Axiata is in a steady uptrend line. If you want to get in, try buying when it pull back to the 10 & 20-week SMA line at RM4.46-4.59. Its string resistance is at RM5.60-5.80.

    KSeng has surpassed its all-time high. Earlier it has broken above its ascending triangle at RM6.10. These technical readings are bullish for the stock & it is likely to go higher. The target ranges from RM7.50 to RM9.00.

    ReplyDelete