Technical Pulse: United Overseas Bank Ltd January 8, 2020 532

United Overseas Bank (SGX: U11) finally displaying some potential bullish action based on the technical indicated.

  1. Ascending triangle formation indicates that the stock is heading for a strong breakout.
  2. Resistance has been tested twice at 26.99-27.02, making a potential double top but the fall was marked by higher lows. Which signify that the stock’s bearishness is slipping.
  3. Rounding bottom on Dec 2019 indicates a strong bullish reversal. Subsequent rounding bottom further strengthens the bullish reversal cause.
  4. Morning star formation may be the key factor for a bullish renewed trade.
  5. Potential 22 and 50 SMA bullish crossover.

 

*Timeline of the trade should be between 1-3 weeks from the date issued.

 

CHART LEGENDS

Red dotted line = 200 Periods Moving Average

Blue dotted line = 50 Periods Moving Average

Green dotted line = 22Periods Moving Average

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