Thursday, November 29, 2012
UOB (technical)
UOB: has seen a strong bounce over the past two wks. While near term momentum is positive, with the key indicators above neutral levels and rising steadily, share price is now approaching multiple resistance levels, the first at $18.68 (200day MA) and a stiffer resistance level at $18.80 (50day MA). There is a possibility of slowdown in upward momentum, and a slight pull back, before the stock moves to test the resistance levels mentioned above, in which case, a successful break above those levels would be a confirmation of the counter's upward trend. See firm support at $18.00.
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