Wednesday, January 27, 2016

UOB

UOB - 27th January 2016

UOB has gone into downtrend mode after hitting the high of $19.74 on 30th Dec 2015 and closed lower at $17.44 on 17th Jan 2016. This is rather bearish.

The current price of $17.44 is hovering below both 14SMA & 25SMA lines which is generally quite negative.


Also MACD is pointing downwards which may provide further indication that the share price may continue to head lower. The only consolation is that RSI is showing sign of a positive divergence.

STI may attempt to go down to test 2520 level. If that happens UOB may likely follow suit to go down to test $17.00.

Market is being geared towards down side . Unless tonight Dow can close positively with some good news from FED regarding interest rate direction.

If not,breaking down of $17.00 may drive the share price to trend lower towards $16.00 then $15.00.

In my opinion if the price is able to cross over $18.40 with ease and couple with high volume then that may reverse this downtrend and may head higher to test $19.20 then $20.00.
(trade base on your own decision)

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