Now at 2.34 J
Sent: Monday, March 14, 2016 5:12 PM
Subject: ****************** United Engineers: A breakout above 2.15 - 2.20 can offer more short term upside... price 2.22
Subject: ****************** United Engineers: A breakout above 2.15 - 2.20 can offer more short term upside... price 2.22
United Engineers has traded below the 2.20 resistance since August last year and today, we have finally seen a breakout above the 2.20 resistance level on more than 3 times above average volume. There can be more upside from here with an end to the sideways consolidation phase with target to 2.40 then 2.60 in the near term possible. Stop loss can be at 2.18 for any long positions above 2.20 now as long as this holds. At current price levels, it has also cut above the 200 day LONGER TERM MA which can potentially signal a reversal in the longer term. Bullish above 2.20 now.
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