Technical Pulse: UMS Ltd August 4, 2017 441
Technical Buy
UMS Ltd – Daily timeframe (Update from 13 July 2017)
*Entry Price: 1.120 Stop loss: 0.930 Take profit: 1.200
Current Sentiment: Bullish
Support 1: 1.035 Resistance 1: 1.145
Support 2: 0.950 Resistance 2: 1.200
Price reversed back into the uptrend as expected after the last update but went into some headwinds eventually around the 1.125 resistance area. The slight bump off the 1.125 resistance area moved price into a marginal correction phase, but the uptrend remains intact as the confluence of 60 day moving average and 1.035 support area halted the decline.
Additionally, the subsequent bullish follow through succeeded in breaking price above the 20 day moving average and immediate downtrend line on 03/08/17 with increasing volume signals the bullish momentum is ready to take over once again.
Expect the uptrend to resume next for price to test the 1.145 resistance area followed by 1.200.
Note: UMS Ltd was added to of our “Phillip 20 Portfolio” since 13/07/17.
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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.