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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