Technical Analysis: UOB Limited October 4, 2016 26
UOB Ltd – Daily timeframe (Update from 17 Aug 2016)
Current Sentiment: Bearish
Support 1: 18.20 Resistance 1: 19.02
Support 2: 17.45 Resistance 2: 19.25
The 17.45 range low as mentioned in the last update succeeded in holding price up and as a result reversed price higher. The range low rejection took price back up to the 19.02 range high eventually and the current price action shows weakness once again at the range high.
Price consolidated after hitting the 19.02 range high on 20/09/16 and has failed to break higher since then.
Watch for price to close below the 18.61 immediate range low to confirm the move back to test the 17.45 range low.
On the other hand, if price managed to clear above the 19.02 range high, we should see a move higher to test the 19.25 resistance area followed by 19.80
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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.