Wednesday, 10 August 2016
United Overseas Bank (UOB) Technical Analysis: 10 August 2016, Wednesday, 9.59am Singapore Time
United Overseas Bank (UOB) Technical Analysis:
10 August 2016, Wednesday, 9.59am Singapore Time
Attached above is the technicals for United Overseas Bank (UOB).
Triple selling absorption by the market (smart monies). Inverse-Shoulder-Head-Shoulder which is a re-accumulation of the bank stock. While most analysts are bearish of the Singapore banks due to loans exposure to the offshore oil and gas sector, I am calling for a highly bullish powerful rally in 2H-2016 and 2017 to come. This is called making a definite stand. No "If-then-else" market analysis statements. And no second guessing nor flip-flopping. Only a stand.
2H-2016 and 2017 worldwide rally will lift almost all stocks in stock markets all over the world.
DNA Technical Rating: