UEM Land's technical rebound likely

THE Standard & Poor's downgrade of the US' credit rating triggered a sell-off in Asian stock markets yesterday.

On Bursa Malaysia, losers overwhelmed gainers by 1,051 to 67.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded from a day high of 1,515.19 to a day low of 1,476.24. It closed at 1,496.99 points, a loss of 27.44 points.

UEM Land Holdings Bhd's price trend moved lower to RM2.16, posting a loss of 21 sen.

Chartwise, UEM Land's daily price trend fell from its intra-day high of RM2.91 on June 28 to its day low of RM2.06 yesterday, recording a total loss of 85 sen.

Its 60-minute price staged a technical breakout of the neckline (B1:B2) of its rounding-bottom on pattern formation on Thursday and stayed above it.

Its 60-minute fast MACD (moving average convergence divergence) stayed below its daily slow MACD yesterday.

Both of its 60-minute fast and slow MACDs stayed below their respective neutral reference lines. UEM Land's 60-minute price trend is likely to initiate a technical rebound over the next few days.