Technical Analysis: United Engineers Limited October 25, 2016 13

United Engineers Ltd – Daily timeframe  (Update from 20 June 16)


Current Sentiment: Bullish

Support 1: 2.470                   Resistance 1: 2.680

Support 2: 2.380                   Resistance 2: 2.710

Price turned into a sturdy uptrend since 20/09/16 after it broke above the downtrend line significantly.

The recent correction caused by the rejection off the 2.680 resistance area on 05/10/16 only managed to take price back down to the 20 day moving average. Moreover, the increasing volume Bullish Engulfing Bar on 24/10/16 broke price above the pullback line and 2.510 range high suggests the resumption of the uptrend next.

Expect price to rise next to test the 2.680 resistance area followed by 2.710.

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About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

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