UOB has formed a Head and Shoulders pattern which is a trend reversal pattern, and currently trading just above the neckline of $18.10. UOB share price is trading below the 20D, 50D and 200D MA as well. Breaking below this neckline will confirm the breakout and send UOB share price to $15.30. The chart looks bearish and downside risk is higher than upside potential. It is better to be safe instead of going long.
- Post author:Marubozu
- Post published:September 21, 2010
- Post category:UOB Bank
- Post comments:4 Comments
Tags: Head and Shoulders