United Overseas Bank is suggesting to book profit near 1.0600 psy level for short trades. The price is located below 100 SMA/200 SMA for the primary bearish market condition with the secondary ranging within 1.0461 support and 1.1494 resistance level for the breaking 1.0673 support from above to below on close weekly bar for the bearish trend to be continuing. Psy level at 1.0600 is located far below 100 SMA/200 SMA in the bearish area of the chart between 1.0461 support and 1.0673 support levels but UOB is telling that this level will not be easy to be broken by the price, and it is very unlikely to be broken for this week for example.
If price will break 1.1494
resistance level so the local uptrend as the secondary market rally
will be started within the primary bearish market condition.
If the price will break 1.0673 support on close bar so the bearish trend will be continuing up to 1.0600 psy level.
If not so the price will be ranging between the levels.
- Recommendation for long: watch close price to break 1.1494 for possible buy trade
- Recommendation
to go short: watch close price to break 1.0673 support level for possible sell trade with 1.0600 as the target
- Trading Summary: ranging bearish
