UMS Holdings Ltd (SGX: E28) Bullish upside is set to continue as suggested by the sub-minor wave analysis, as wave (5) has yet to be completed:
- High wave candle was spotted on Tuesday and the upper shadow is seen rejecting the Tenkan-Sen.
- The current wave analysis suggests a corrective wave (4), with wave C being the last leg. Judging from the price action, the price may retrace to the resistance turned support zone at $1.41-$1.37, which is the 50.0% and 61.8% Fibonacci retracement of wave (3).
*Expected timeline of the trade is 15 weeks from the date of report issuance.
Ichimoku Kinko Hyo
Red dotted line = 26 periods Kijun-Sen
Blue dotted line = 9 Periods Tenkan-Sen
Green Line B= 52 periods Senkou Span B
Pink Line A = 26 periods Senkou Span A
Black line = 26 periods Chikou Span. Lagging line