Last one standing
2023-01-16

I‌f you think $UNITED OVERSEAS BANK LIMITED(U11.SI)$  ‌is too expensive to buy, you are probably right.


Price met supply zone at $31-31.40 level with RSI coming off sharply now. I don't trade basis RSI, but it gives me an idea of whether the stock has buying strength or not. Generally below 50 = not much strength. Also, when price rises too fast, it is usually not sustainable. Of all 3 banks, UOB is the most volatile one that doesn't "respect" trend lines. 


I know most people who buy bank stocks are investors and will hold it for the long term. So they don't really time the market because they use "Dollar Cost Averaging", but who wants to AVERAGE UP their average cost? 


Therefore it is better to hold your gun and wait for price to come to "Possible Retracement Zone" or "Area of Demand". If you feel UOB is too volatile for you, you can consider ‌$DBS GROUP HOLDINGS LTD(D05.SI)$  ‌ or ‌$OVERSEA-CHINESE BANKING CORP(O39.SI)$  ‌ which are more stable. 


Good Luck.




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Comments

  • BotakGuy
    2023-01-17
    BotakGuy
    Uob not good compared to the rest ?
    • Last one standing
      The bank is good! Just that the stock price is more speculative than the rest.
  • YWTan
    2023-01-18
    YWTan
    👍
  • blue sky
    2023-01-18
    blue sky
    [流泪]
  • AndyCHLim
    2023-01-17
    AndyCHLim
    k
  • LTTan
    2023-01-17
    LTTan
    👍
  • keithsk
    2023-01-17
    keithsk
    [Smile]
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