Technical Pulse: UOB Ltd February 6, 2017 33
UOB Ltd – Weekly timeframe (Update from 4 October 16)
Current Sentiment: Bearish
Support 1: 20.05 Resistance 1: 21.10
Support 2: 19.55 Resistance 2: 21.53
The recent uptrend since November 2016 appears to be topping over for now as price struggles to clear above the confluence of the 50% Fibonacci retracement level and 21.10 resistance area. Price has been capped below the 21.10 resistance area for the past 9 weeks and the current bearish price action suggests a move lower. There was a Bearish Engulfing Bar rejection off the resistance area on the week ended 03/02/17 that broke below the uptrend line with increasing volume showing some sign of weakness.
Expect price to correct next to test the 20.05 support area followed by 19.55.
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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.