May 20, 2024

UOL: The start of its Uptrend continuing? Price 8.23. Looking bullish!

Author: Trading Impossible | Joey Choy
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Just last month, we saw UOL approaching the key 8.00 resistance..

This was definitely a key level to watch as we have been trading below this level since June 2018 and so far buyers have not been able to break upwards…

There were already some signs of the uptrend taking shape from the trend indicators so was expecting a bullish move soon..

Just not so sure how soon..

But if we spot any bullish price actions above here, it can be a good signal..

So this counter was definitely in my watchlist for more upside..

Targets were drawn as seen below to 9.00 first…

Over the next few weeks, we have indeed broken the 8.00 but unfortunately, there was some consolidation again with it trading back to 7.60..

Sellers were out to take it lower on profit taking and also on some market weakness… however,

Some good support came back over the past few weeks at 7.70 and we were back to test the 8.10 level again..

Moving averages were looking good still despite the profit taking earlier…

Targets were reiterated with a potential move up again, see below..

Over the past few days, seems like we are seeing an attempt to push higher again…

Targets are reiterated as per below where the uptrend can continue…

It may be heading towards 8.50 – 8.60 first where there can be some profit taking along the way…

Finally some bullish actions returning after more than a year..

Watching to see how far this reversal can go…

See below where we are now…

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