August 7, 2018 / 7:09 AM / in 2 months

BUZZ-Singapore's UOB gains most in 6 mths; may test resistance at S$28.56 - technicals

** Shares of United Overseas Bank Ltd gain as much as 3.43 pct, their biggest intraday gain since Feb. 13

** Stock breaks above a resistance at S$27.48, the 23.6 pct Fibonacci projection level of the uptrend from Sep. 21, 2017 low to April 30, 2018 high (wave 5) reut.rs/2OiTXnB

** Breakout suggests the stock may test the next resistance at S$28.56, the 38.2 pct level

** Stock’s wave pattern suggests it may have completed a corrective cycle and is in wave 1 of a new five-wave uptrend

** Trend Intensity (TI) indicator rises to 16, suggesting prices are trending upwards

** MACD is also positive and above its signal line

** Stock up 2.57 pct this year as of last close, while the broader index is down 3.46 pct in the same period

Reporting by Gaurav Dogra

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below