Naked Chart Trading: UEMS 16 May 2024

This is not the first project that UEMS emphasize and combine RE concept with their property development project. Back in year 2022, the company appointed BM Green Energy, a registered Solar Photovoltaic (PV) investor under the Sustainable Energy Development Authority of Malaysia (SEDA), to install, operate, and maintain a Rooftop Solar PV Energy System at The Beat.

In line with government blueprint which to achieve carbon neutrality target by 2050, RE+property development can spark a strong momentum. i take a study of UEMS for their price performance

UEMS share prices reached its peak at year 2013 on the ride of property boom that time, then major downtrend started till its bottom on year 2022, followed by a rebound wave on 2H2023. The share prices successfully climbed back to above RM1 and currently testing major resistence, which is also 61.8% Fibo retracement level of the trend by using the top and bottom mentioned earlier.

Resistance levels are 61.8% around RM1.40, close above to trigger more upside to 50% RM1.80, 38.2% RM2.10 and 23.6% RM2.60. If the share prices retreat from 61.8% as it failed to break from year 2015 to year 2017, then immediate support will be at RM0.900, followed by RM0.650 and RM0.420.

Current short term trend remains in testing rebound stage and entering sideway RM0.900-RM1.30, pending breakout.

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.