Technical Pulse: UMS Limited May 4, 2017 21
UMS Ltd – Daily timeframe (Update from 2 March 17)
Current Sentiment: Bullish
Support 1: 0.860 Resistance 1: 0.950
Support 2: 0.780 Resistance 2: 1.000
Price broke out into another leg higher within the uptrend with great momentum after the last update. The uptrend remains sturdy even after the recent correction off the 0.915 resistance area as the move was promptly halted off the 20 day moving average.
Since then, price continued to trail behind the 20 day moving average suggesting the strength within the uptrend. Price should continue to rise to test the 1.000 resistance area after the increasing volume bullish break above the 0.915 resistance area on 28/04/17.
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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.