hydros
2022-05-22

$UNITED OVERSEAS BANK LIMITED(U11.SI)$has pulled back over 10% since hitting a lower high at $32+ in 2nd half of Mar 2022. It has rebounded off the white long term moving averages. 

On 20 May 2022, the dual William %R indicators (cyan and purple lines) crossed under 80 level, which signify a rebound could be coming. The previous time it crossed under 80 level was on 9 Mar 2022 where it caught the rebound from $29 to $32+. CCI indicator in blue also crossed above -100, signifying a buy. A cross down below 100 signify a sell. In addition,  parabolic SAR also shows the first red dot which signify that a uptrend could be starting. 

Investors who are bullish on UOB should also note  the 2 green downtrend lines, and the mid term blue moving averages which have acted as support on 8 and 9 Mar 2022. They now act as resistance. Breaking above the steeper green downtrend could be a buy signal and stop loss slightly below the $28 lows.

Fundamentally,  UOB price to book of 1.15x which is not excessive and dividend of 4.08%. 

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Comments

  • PandoraHaggai
    2022-05-23
    PandoraHaggai
    I think I will refer to your analysis.
    • Ah Win:Ā 
      Would not go wrong will UOb. is a buy!!
    • hydros:Ā 
      No problem, do have your trade plan (entry,  take profit, stop loss levels) ready before any action. Also determine if the risk/reward ratio is worth it.
  • Ericdao
    2022-05-25
    Ericdao
    28 have to cut lose.
    • hydros:Ā 
      yes that could be part of a trade plan
  • EvanHolt
    2022-05-23
    EvanHolt
    I can see you are very good at reading graphs.
    • hydros:Ā 
      Thanks for your compliment šŸ˜Š
  • WendyDelia
    2022-05-22
    WendyDelia
    Do you think there will be a bounce?
    • hydros:Ā 
      There was high volume buying on 20 May so the buying interest is there. I would say UOB chart is best looking among the 3 banks. Subsequently, a lot will depend whether there is rebound for US stocks.
  • hydros
    2022-05-25
    hydros
    Please note that the above setup is now invalidated. we will need a break above the immediate green downtrend line to trigger a buy. Meanwhile uob could retest $28 again.
  • HilaryWilde
    2022-05-23
    HilaryWilde
    The dividend yield of this stock appeals to me haha.
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