Singapore Stock Market News
Technical Analysis: UOB; Falling from Grace
StockFanatic
Publish date: Thu, 24 Nov 2011, 03:25 PM
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| 22nd November Close | S$15.18 |
| Day's Trading Range | S$14.82 ' S$15.00 |
| 52 week Trading Range | S$14.42 ' S$21.00 |
| Support | S$13.17 |
| Resistance | S$15.28 |
| Short term Outlook | Bearish |
| Long term Outlook | Bearish |
In the 22nd November trading session (see chart 1), UOB price pattern confirmed the continuation of this bearish trend with a close below support of S$15.28, meaning traders can continue to hold their short positions. The next support will be S$13.17 and if this level fails too, it will be another long, long slide.
Chart 2 below shows the downside potential to be larger than the upside. In fact, given the weak set of results reported for its 3rd quarter, the poor fundamentals are also reflected in the price chart.
We believe, even if UOB closes back above resistance of S$15.28 in the near term, we do not expect price action to take it up above S$17.00. Should that happen, a sharp rebound to $17.00 level is likely to provide another good shorting opportunity for traders. (see chart 3).
Chart 2 July 2008 ' November 2011 Weekly Chart
Chart 3 March 2009 ' November 2011 Daily Chart
Source : Phillip Securities Research Pte Ltd Singapore
Chart Source: Poemsview Related Stocks
| Chart | Stock Name | Last | Change | Volume |
|---|
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