Highlights / Stock Picks of the Day - UEM Land Holdings Berhad ("UEMLAND")

UEMLAND’s share price performance has been disappointing following our earlier technical report dated on the 16 December (BUY: RM2.17, TP: RM2.36). The share price fell short of our target price while the stop-loss level of RM2.08 was triggered thereafter in the subsequent weeks. However, UEMLAND's daily chart has shown signs of life once again recently. The share price staged an upside breakout of the 21-day Bollinger Upper Band amid an increase in volume yesterday. The MACD has also managed a bullish crossover while the Stochastic and RSI indicators are signaling that an up-cycle is already in the making. We
expect the momentum to carry the share price higher for a few more days and hence short term traders may consider buying in with upside targets of RM2.29 and RM2.38. Correspondingly, a stop-loss of RM2.05
should be placed.

Source: Kenanga