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:   

  1. High wave candle was spotted on Tuesday and the upper shadow is seen rejecting the Tenkan-Sen.
  2. 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.

CHART LEGEND

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