UOB (technical)

UOB: Trading Central has a positive view on the technical outlook. Notes the counter has strongly bounced off both a support around $17.70 and a medium term ascending trend line in place since Dec '11. Says the 20day moving averages remain strongly bullish and should contain any downside move. Adds RSI remains firmly above its neutrality area at 50% but has started to reverse down. The house anticipates a short term pullback before a new test of the $19.85 and $20.20 (Aug high) resistances.