Technical Pulse: UOB Ltd February 15, 2017 26

UOB Ltd – Daily timeframe (Update from 6 February 17)

Current Sentiment: Bearish

Support 1: 21.10                   Resistance 1: 21.10

Support 2: 20.05                   Resistance 2: 21.35

Due to the lack of bearish follow through after the last update, price continued range sideways instead with the 21.10 range high capping price down.

Nonetheless, the bearish sentiment remains intact here as price was once again being rejected by the 21.10 range high with an increasing volume shooting star on 10/02/17. Moreover, the convincing bearish follow through on 14/02/17 confirmed the validity of the 21.10 range high obstacle.

Expect price to head lower next to test the 20.38 support area followed by 20.05 range low.

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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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