UOB is testing support, potential bounce Prices are testing support in line with our ascending trend line where we could see a bounce here
Uoblong
UOB could see further downside before it reaches supportPrices could push lower before it reaches our buy entry, in line with our graphical support area, 78.6% fibonacci extension and 78.6%, 127.2% Fibonacci retracement where we could see a bounce above this level.
UOB is approaching resistance, potential reversalPrice is approaching our first resistance in line with our horizontal overlap resistance, 61.8% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level to our first support target.
UOB is approaching support, potential bounce Price is approaching our first support in line with our 50% retracement, 100% extension and horizontal pullback support where we could see a bounce above this level to our take profit target.
UOB testing support, potential bouncePrice broke the descending trend line, a break that we have been waiting for, we could be seeing a further bounce above this level.
UOB bounced off key support, wait for break above trend linePrice bounced off a key support level and a break above our descending trend line could provide the bullish confirmation. I will only consider a long position after this trend line has been broken.
UOB approaching a key support level Price is approaching a key support level and a break above our descending trend line could see room for further upside.
UOB approaching support, potential bounce Price is approaching a key support level where we could see a bounce here
UOB (U11) - Key levels to BUYHey everyone, here's my analysis on U11:
Summary
Price could drop lower to zone 1 between 13.18 - 14.24 before a bounce.
Action:
Buy Limit: 13.18 - 14.24
Analysis:
3 of the green zones highlighted above are support zones where we could see a bounce in price. Currently, given the situation that we are in with the Covid-19 outbreak yet to reach its peak, I lean towards seeing a further drop in price from its current level to zone 1 at 13.18 - 14.24 before a bounce, as illustrated by the yellow dotted lines. If price breaks below the key zone at 13.18 - 14.24, it is likely to test zone 2.
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