Tuesday, September 3, 2013

******** Monitor Closely: UPP. Share price 0.365. Watch the breakout of 0.38 and 0.400. (Impending breakout possible)

UPP has consolidated below the critical 0.38 resistance level since Jan this year and today we have seen it attempting to break above it. Current high today is 0.385 where almost 9m shares were bought up. However, it has pulled back slightly on a weaker market and currently at 0.365. Monitor closely for the breakout of 0.385 level, will be a positive in the near term if the 0.385 clears out. We would considering putting a BUY stop at 0.405 to 0.41 as any break up above the psychological 0.400 resistance level can be a further confirmation of short term upward momentum. Support at 0.35 currently. Might see it consolidated from 0.35 to 0.38 again before attempting another breakout. A break above 0.400 can pave the way to 0.44 to 0.45 fast to test previous highs set in April and Oct 2012.
Stop loss at 0.34

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