UEMS- found support at RM2.25-2.30

UEMS had dropped quite substantially from its recent high of RM3.66 in late May to a recent low of RM2.21 two weeks ago. It may have found its support at the uptrend line, S-S1 as well as the horizontal support at RM2.30.

With the recent fiscal measures to control residential property 'bubble', property stocks would remain weak for a while. However, I feel that UEMS's sharp drop of 40% is overdone. With technical support to fall back on, I say that the stock may warrant a slow BUY for those with longer term investment time horizon.


 Chart: UEMS's weekly chart as at Dec 4, 2013 (Source: Interachart.com)


Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, UEMS.