UEM World-OSK188

UEM World violated a critical support of RM2.49 yesterday. If it was a clean violation, this breakdown means that the stock is expected to face strong selling pressure going forward. Yesterday’s breakdown caused significant technical damage to the daily chart and triggered a Sell signal. It is likely that the stock will retrace to the next support level of RM2.49 and strong support can only be seen at the RM2.10 level. From the current level, look for an immediate resistance at the 50-day MAV line which is now situated at the RM2.88 level, followed by the tougher RM3.00 level.