UOB Bank: Rejected at $20 Resistance
UOB rejected at $20.00 resistance with Bearish Engulfing pattern with a spike in trading volume. Is it a first sign of trend reversal? Anyway, I have shorted the stock using CFD base on my trading strategy “Buy Near Support, Sell Near Resistance” when I see a reversal candlestick pattern with a very tight stop loss just slightly above $20.00 resistance. All other technical indicators have not shown any bearish signals yet.
On a bigger scale, UOB is showing a Huge Ascending Triangle with a tough pyschological resistance at $20.00. 200D SMA support is at about $19.15.
Previous analysis on UOB Bank.
Key Statistics for UOB
|Current P/E Ratio (ttm)||11.5109|
|Relative P/E vs. FSSTI||1.0717|
|Earnings Per Share (SGD) (ttm)||1.7175|
|Est. EPS (SGD) (12/2013)||1.6930|
|Est. PEG Ratio||1.3011|
|Market Cap (M SGD)||31,134.76|
|Shares Outstanding (M)||1,574.85|
|30 Day Average Volume||2,327,567|
|Dividend Indicated Gross Yield||3.03%|
|Cash Dividend (SGD)||0.1000|
|5 Year Dividend Growth||-5.09%|
|Next Earnings Announcement||05/09/2013|