$UNITED OVERSEAS BANK LIMITED(U11.SI)$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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