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.