After analyzing UEM Land and MRCB over the last two days, today, we look at Dialog, which is also a stock with high consensus FY11 PER of 22x. Should the market remain in panic mode going forward, the stock’s high valuation may likely be compressed further, especially it has violated its mid-term uptrend line which stretched all the way from the bottom created in October 2010. The violation already implies a shift of trend. Dialog is now being supported by the strong RM1.81 support but its near-term technical outlook will remain firmly bearish until the new downtrend line is violated.
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