May 22, 2024

UMS: Uptrend still going strong? Price 1.01. A recap from previous Blog post!

Author: Trading Impossible | Joey Choy
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We actually covered this counter on my blog more than a month back when it was around 0.855..

Back then, we had rallied all the way from 0.70 in late Oct 2019 and,

we were facing some obstacles when we approached the temp 0.86 resistance,

There was a slight retracement back to 0.80 as a result..

However, buyers were out to defend the 0.800 support level and a rebound was caught

Our upside target was revised further on this rebound as seen below..

To 0.90 first then ultimately to 1.00..

There were still signs of the uptrend going strong from indicators..

In a few days, we managed to break above the 0.900 psychological resistance and buyers took a breather..

It started to consolidate from 0.90 to 0.95 for about 2 weeks but the 0.90 support was holding strongly..

Again, with this level holding, upside targets were reiterated to 1.00 and even to 1.10..

See what I mean below…

That was even before any more was seen.

Price were holding firmly above the 20 day moving average which was one of the signal we use to gauge short term strength..

See where we were then, somewhere around 0.92…

More bullish actions followed subsequently as per targets over the past week…

We managed to hit our critical target at 1.00 a few days back and then some profit taking happened..

However, seems like we are seeing an attempt to break this level to push higher..

On more bullish price actions spotted, we can see the uptrend continue so this counter is definitely still in my watchlist for that,

For now, let’s see if we can hold above the 1.00 new support. Sellers seems to be still here to hold off any up ticks FOR NOW..

Watching, more upside not ruled out !! see below chart where we are now!

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