Barnsty notes:'UGL looks like it's ready to run if general market sentiment picks up and the DOW continues with it's current rally which imo is not out of the question. I've noticed it had a false break out on the 17th Feb and failed to keep running? There is resistance at 890 and then again at about 1100. Big resistance at around 1475 from what I can see. My guess is that it will find it very hard to break 928 but who knows eh?
The link with real estate is of concern with UGL?
Stockist notes: UGL has been hammered in recent months. Three times in fact. First on 20/11/07, second on 11/02/09 and recently on 10/03/09. However, it has not broken its line of resistance. To do this it will have to break the $8 mark IMO. It may also be forming a head and shoulders bottom, but time will tell.
The next couple of weeks will help make things clearer, as the Eddington report, Chinese stimulus package, contract announcements and potential rally could contribute to near term price patterns. I have no position yet, as confirmation is needed.
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