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