Following from previous blog post, http://singaporetradinginsights.blogspot.com/2019/02/ums-pushing-higher-towards-target-more.html
Just last month, we spotted some bullish actions with UMS breaking the key 0.65 level that it has been trading below since Nov last year..
That level was critical as it also coincided with the 100 day MA as seen from the red line below..
This could potentially signal a reversal to the upside in the making..
Trend indicators were also looking at some positive crossovers too..
Hence some upside targets were drawn as seen below…
Targets have been reiterated again over the past 2 weeks towards 0.75 with some slight resistance at 0.70 seen..
Have indeed touched 0.75 last week and some profit taking experienced which was normal..
We then started to see some consolidation for about a week below 0.75…
There were some signs of reversal still showing from the moving averages as seen below..
Upside targets were further revised upwards again last week, with a potential move above the key 0.75 resistance…
That level was also where the 200 day MA was and could potential signal a reversal in the longer term..
See above revised target…
Yesterday, seems like the 0.75 level has been breached too..
And we could well be on our way towards the revised target as seen above where some profit taking can return again…
From the PTI system, yes, we actually had some 1ET Bullish Entry signals since the beginning of the year…
There was an exit but a new bullish signal came out again 2 weeks back just before the move up again yesterday…
Will be watching to see if the revised target can be hit soon and when an exit will be out…
of course while protecting profits in the meantime..…
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