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)
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