UEM Sunrise Bhd (Rm 0.845)

A friend of mine that has been holding many UEM Sunrise shares for quite some times has asked for my technical view on this stock. UEM(S) gained 1.5 sens today with 827,000 shares traded.

From the long term chart, UEM(S) reached its peak of Rm3.60 in 2013. From its 2013 peak to its October 2018's low of 63 sens, it formed a A-B-C corrective wave (2). It is highly possible that UEM(S) is on its new up-trend cycle starting from October 2018's low of 63 sens.

From its 1-Year chart as shown below, UEM(S) has formed a 'Double-Bottom' reversal pattern.

So far it has completed its wave i-ii with a 100% retracement for its wave ii. Its mini wave 1 was unable to break the neckline but the momentum of its mini wave 3 was able to punch through the neckline together with an OBV breakout.

Mini wave 4's drop to retest neckline support was rather classical.

Wave iii has a minimum target of 96 sens. But if the price can punch through the 96 sens level, I will expect the 96 sens level to become the support level for its wave iv correction later on.

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