It seems like SG UOB has been charting out a H-S-T patterns over the past 1 year.
And similar pattern can be found in another SG bank stock - DBS.
What makes UOB's chart interest is its complex variation from the classic H-S-T pattern. Everything in this construct came "double". It two double-headed S and arguably a double-headed H. Even the retraction from the...
During this correction, volumes were low meaning the stocks were passed from the weak mental strength herd to the hands of the smart monies. In the comparison analysis, UOB outperformed the benchmark financial index, refusing any whipsaw along the way.
U11 failure to close the gap indicate strong selling within price action. U11 set to retest lower channel at S$27.65. Failure to hold will see stock price mark down towards fibo downward project of 4.236%. MACD momentum is bearish.
For those interested in Singapore equities market, here's one potential setup.
Price has been rallying since the low in 2016 @ 16.77 to the recent high in 2017 @ 24.59. Price has developed a complete 5 waves structure, and according to Elliott Wave principle, we are now expecting a potential 3 waves retracement.
This gives us a potential short term trade...