Technical Analysis: UOL Limited October 13, 2016 10
UOL Ltd – Daily timeframe (Update from 30 Aug 2016)
Current Sentiment: Bearish
Support 1: 5.56 Resistance 1: 5.84
Support 2: 5.50 Resistance 2: 5.94
Price responded to the 200 day moving average negatively once again after the last update as it rebounded off the 5.52 lows. The failure to break away from the 200 day moving average shows the underlying weakness within the buyers. Moreover, a triple top formation seems be forming here after the most recent bearish rejection off the 200 day moving average on 12/10/16 with increasing volume.
Expect the long term downtrend to resume next for price to test the 5.56 support area followed by 5.50.
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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.