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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About the author

Profile photo of Jeremy Ng

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.

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