CORRESPONDENCE COURSES
UMS: A decent upside reversal caught! Price 0.855. Is it over?
Author: Trading Impossible | Joey Choy
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Just about 2 weeks back, we saw UMS heading towards the 0.700 psychological resistance level…
It had been trading below this key resistance for about 5 months so any move towards it bullishly will be something to note.
Our alerts were set and we were expecting some potential move up but just not sure when..
There were also some signs of the uptrend starting to form up and hence some targets were drawn…
That firm bullish move indeed came on 24th Oct 2019.. and targets were reiterated as seen…
All the way to 0.80 first…
Over the past week, we have seen our first target at 0.80 hit and there were some profit taking…
This is normal given the spike up we have seen.
But eventually, we managed to get pass 0.80 too and 2nd target to 0.90 was on tracked..
It then tried to hold above the new 0.80 support last week and target were reiterated as seen below…
Buyers were seen coming out on dips near 0.80…
Over the past few days, we have pushed higher, breaking temp 0.85 resistance as well..
Seems like it is taking a breather for now as we near the 0.90 firm resistance…
Still in watch list for now as we see if we can attempt a move above 0.90…
Any bullish price actions spotted may give way to the next phase but for now, some consolidation expected with profit taking near 0.90…
Watching..
See where we are below….
