Support 1: 25.45 Resistance 1: 27.00
United Overseas Bank’s resumption of its bullish momentum will be sooner than expected. All technicals are pointing to a positive move. Firstly, the morning star formation is above the 200 SMA strong support level. Secondly, the 3rd candle of the morning star has a strong closure above 50% Fibonacci retracement level of the total range and bashing above 50 SMA.
On the indicator side, the Stochastic oversold crosses indicate that the stock has entered into an oversold zone and is preparing to stage a bullish reversal. Perhaps the highest conviction is the golden cross when the 50 SMA crosses above the 200 SMA.
Red line = % K Line 3
Blue line = % D Line 3
Periods = 14