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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