Wednesday 20 February 2013

Highlights / Stock Picks of the Day - Uzma ("UZMA") – Not Rated


In contrast, UZMA’s share price has had a decent run last month. The share price broke above the RM1.59 resistance level and continued to rally to an all-time high of RM1.83 on the 21st of January. It was on that
day that UZMA formed a “Long legged Doji” bearish reversal candlestick, before the anticipated retreat in the subsequent weeks. At yesterday’s closing price of RM1.64, UZMA was down by 3 sen for the day after being dragged down in tandem with the broader market. The share price is now trading close to the RM1.59 resistance-turned-support level, a level where we would expect some bargain hunting to exist. The  overall technical picture remains bullish, and we reckon that the share price should be able to move higher towards RM1.83 and possibly RM1.92 after a brief round of consolidation at these levels.

Source: Kenanga

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