0136 GMT [Dow Jones] Leighton (LEI.AU) down 6.6% at A$21.72, hits A$21.10 on profit taking after recent strong gains. UBS says LEI well placed to benefit from national broadband network rollout, but investors wondering if that can offset dip in revenue as new private sector work falls in FY10-11. Broker says earnings outlook uncertain and maintaining record work in hand poses short term risk. Macquarie has similar concerns. LEI has risen strongly in recent weeks, but long-term trend remains bearish, according to Dow Jones technical analysis. It's failed to hold above the weekly channel resistance line at A$22.00 and could now test weekly uptrend line, currently near A$19.35. Initial support A$21.00. Major head and shoulders top targets A$11.00. Little reason to believe LEI, or the overall market for that matter, has hit its ultimate bear market low. (DWR)
LEI Price at posting:
$21.11 Sentiment: None Disclosure: Held
