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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