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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