Not all was doom and gloom in the market. Among the bright spots on Wednesday was UEM Land, which rose 4 sen to close at RM2.17. Traded volumes were higher for the day, and the share price confirmed a "Bullish Pennant" formation after a month-long consolidation phase. The breakout marks a continuation of the short term uptrend, with the measurement objective located at RM2.36 for a meaty 19 sen upside from Wednesday's close. Meanwhile, strong support will likely be present at RM2.08, a level where traders should place a strict stop loss level just under. However, bear in mind that should the RM2.08-support be violated on the downside, the next support level is a painful 18 sen lower level of RM1.90.

Source: Kenanga