UOB Q2 Profits and Dividends Cut. Short position taken
M: Downtrend
A: Resistance
E: Bearish outlook and candle stick pattern
E: SL 19.70 RR 1.50
Entry Price: 19.45
Here's what I see on UOB, price is reaching resistance where we could see a reversal from our sell entry, in line with our trend line, 38.2% retracement and 78.6% extension where we could see a reversal here. Cheers!
www.tradingview.com
UOB Weekly Chart:
1. 50 Day SMA / 200 Day SMA death cross imminent?
2. Further decrease in Chaikin Money Flow from -0.20 to -0.28 from May to June
3. Thin volume on 2nd June breakout above $20
4. Consecutive gravestone dojis on 3rd and 4th weeks of March. Although shadow length is rather small.
stock is in a side-way channel below mid point. short-term potential to short with entry @ 19.72 and stop-loss @ 19.99 with and profit-taking @ 19.24. Earnings report expected to be lower than normal on 6 May. If better than expected, to recover and if worst then expected, to drop.
Hey everyone, here's my analysis on U11:
Summary
Price could drop lower to zone 1 between 13.18 - 14.24 before a bounce.
Action:
Buy Limit: 13.18 - 14.24
Analysis:
3 of the green zones highlighted above are support zones where we could see a bounce in price. Currently, given the situation that we are in with the Covid-19 outbreak yet to reach its peak, I...
UOB rejected the demand zone right after market open after Lunar new year holiday in Singapore. The strong demand may push prices further to fill the gap
It seems like SG UOB has been charting out a H-S-T patterns over the past 1 year.
And similar pattern can be found in another SG bank stock - DBS.
What makes UOB's chart interest is its complex variation from the classic H-S-T pattern. Everything in this construct came "double". It two double-headed S and arguably a double-headed H. Even the retraction from the...
During this correction, volumes were low meaning the stocks were passed from the weak mental strength herd to the hands of the smart monies. In the comparison analysis, UOB outperformed the benchmark financial index, refusing any whipsaw along the way.
U11 failure to close the gap indicate strong selling within price action. U11 set to retest lower channel at S$27.65. Failure to hold will see stock price mark down towards fibo downward project of 4.236%. MACD momentum is bearish.
For those interested in Singapore equities market, here's one potential setup.
Price has been rallying since the low in 2016 @ 16.77 to the recent high in 2017 @ 24.59. Price has developed a complete 5 waves structure, and according to Elliott Wave principle, we are now expecting a potential 3 waves retracement.
This gives us a potential short term trade...
