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
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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.