Just about 2 weeks back, we had seen UMS approaching the key 0.65 resistance level firmly..
This was a critical level for us as you can see that it met a few criteria…
1st, it was just where the downward sloping channel resistance was… see the red line sloping down..
2nd, it was also where the 100 day moving average was, the red moving line (slightly hidden in the chart below)..
There was some sign of strength and reversal hence some upside targets were drawn expected that key resistance to give way..
Finally, last week, we managed to see that resistance at 0.65 give way and buyers started to come back..
Upside target was reiterated again towards 0.75… see what I mean below..
We were also about to see a potential crossover of the shorter term moving averages, the green and red line..
Which can signal a reversal on the cards..
Today, seems like we are attempting the move above the 0.700 psychological level..
Halfway towards our target.. Some selling seen here for now which is normal…
A potential upside crossover of the short term moving averages also still playing out...
Target towards 0.75 may still be on the card if this resistance gives way too… let’s see if target can be hit soon or maybe even revised further..
Separately, we also had a bullish signal on our system for this counter few weeks back, still NO EXITS…
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