Charts Tip UEM Land May Rise To MYR2.04 -Maybank

STOCK CALL: Maybank IB Research rates UEM Land (5148.KU) at Short-Term Buy based on charts with upside targets at MYR1.96, then MYR2.04. Technical analyst Lee Cheng Hooi says stock of property firm made a recent Wave 4 retracement low of MYR1.57 in August, but has since rebounded above its 19-day simple moving average. "We believe the stock is in a strong Wave 5 uptrend. With the positive crossovers from the CCI, DMI, MACD, Stochastic and Oscillator indicators, we feel that UEM Land may rise and test the stipulated resistance level (of MYR1.91)," says Lee. Stock last +1.6% at MYR1.87. On downside, support eyed at MYR1.84, then MYR1.64; stop-loss at MYR1.62