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Thursday, January 19, 2012

UMS Holding Limited

This is a counter where position trader ( 3 ~ 6 months ) may want to watch.
On the daily chart, prices have now met the resistance of 200 MA and Fibo 50%. Prices need to break $0.45 to propel further to $0.50.  $0.50 is where Fibo 61.8% is. Once cleared,  Parabolic SAR buy phase on the monthly chart will be triggered. More sustained upside can be expected when that happen.

As far as the index is concerned, the STI has turned to bullish zone yesterday in the mechanical chart. Key resistance 2,910.

iOCBC published a nice technical analysis on STI. I share the same technical view as them.    ( click  iOCBC )