Nice Break OUTIf we talk about the over all trend of Union Properties upp then its still in a downtrend thanks to the positive news they released in Thursdays session investor got excited about this news and bought this stock like crazy. It has hit the resistance zone that is at 0.330 we saw some selling coming it. If it can sustain above 0.310 and establish a base this will be healthy and it can make a powerful breakout soon.
Strong resistance at 0.330 area and then strong supply zone at 0.380 I personally think it will break the immediate resistance soon and climb up, mind you this is one of the cheapest stock in DFM and when people start to buy or sell this stock usually its with HUGE volumes.
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Unionproperties
Still very TrickyUPP is been under tremendous selling pressure, for now its just taking some support at crucial demand zone that is around 0.310 zone. Still this can be very risky it can break this support area to go lower to make a new lower low.
As most of the stocks in Dubai Financial Market are under selling pressure today we saw some buying coming in but this can be a short recovery too. So I would suggest wait for a trend confirmation before taking any positions.
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Very ConfusingTrend
No doubt for now upp is under pressure and we are not seeing any buying pressure. People are waiting for the news to get a clear direction. If there is any positive news coming out from upp this stock will fly and it will go past 0.50 very quickly.
If you are holding this stock for now its in a chart pattern and at the support zone. If it breaks then it will turn bearish. So its wait and watch game now with think volumes.
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No Trading ZoneIts also in a no trading zone, even a good news last week could not hold this stock. Selling pressure is seen on all the stocks after the panic sell at the beginning of the week. As of now its in a no trading zone, let it break the resistance to enter the trade. As of now looking bearish, a good bounce from the support area around 0.285 is expected.
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Union Properties Good Time To BuyI see a nice bullish candlestick pattern right at the support level. Its been falling since so long but after the news it have shown some price action and on weekly chart we can see a bullish engulfing pattern. At this level the stop loss will be very tight and target is good too. Bullish for now
Entry Price : 0.260 - 0.267
Stop Loss : 0.257
Target : 0.298
Risk Reward : 3
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At crucial support levelUPP is at very crucial support level lets see if it can hold, it it bounces from here the next resistance level is 0.285 once it crosses and closes above 0.290 we can say now its starting a new trend and it will be a good time to enter the trade. Till then we keep stalking. Bearish as of now.
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UPP when will you break out?I am holding this one since so long i expect a breakout to the upside as its in a symmetrical triangle pattern and its approaching a strong support level near ema and also that trend line so we may see it will hold the price and it will range within the triangle till it breaksout. Pattern break outs are always big and if the breakout is to the upside we can make good money. Bullish
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UPP DestroyedIt was in a peannant pattern and it broke to the down side as expected and gave a big move. Its now at support level i want to enter this trade but will hold till it finds support and bounces off. I will wait now till it crosses .3 as it have become resistnace level. Till than stalk this one.
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Union Properties in a patternIts making a pennant pattern and it will breakout either tomorrow or on thursday mostly. There are good chances that it may break to the down side as its been under pressure and is not able to cross the strong resistance line. No trades yet! lets see how it performs in coming days and if it breaks to the upside sure bulls will jump and buy this one. Till thn just stalk it baby!!
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