Technical Pulse: UMS Ltd March 2, 2017 37

UMS Ltd  –  timeframe (Update from 9 September 16)


Current Sentiment: Bullish

Support 1: 0.660                   Resistance 1: 0.710

Support 2: 0.650                   Resistance 2: 0.750

Price finally took off into another leg higher recently after price effectively broke above the 0.630 range high since 01/02/17.

A correction subsequently took over after price was rejected off the 0.710 resistance area. However, the uptrend remains firmly rooted as the confluence of 20 day moving average, 50% Fibonacci retirement level and 0.660 support area aggressively supported price up. Additionally, the strong bullish rejection off the support area on 01/03/17 formed a hammer rejection with surging volume suggests the next leg higher within this uptrend.

Expect price to rise next to test the 0.710 resistance area followed by 0.750.2

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

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.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!