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UE May Rebound Or Even Make A New High
Trend Spotting | 14 December 2012
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By: Robin Han
Articles (102) Profile

United Engineers (UE) has been moving very strongly in the past 3 weeks. From the weekly chart it can be seen that it made a 4-year high recently, which is something that is very rare for stocks listed on the SGX. It is likely to remain strong for some time. UE pulled back to consolidate in the past a few days. From the chart, we can see that the pullback was weak, which was accompanied by low volume, indicating that the bulls are still in control of this stock. I will look out for opportunities to buy on weakness during the pullback, especially when the stock is dragged down by STI. Price below 38.2 percent Fibonacci retracement will be a relatively safe price to enter. Stop loss price can be between 50 percent to 61.8 percent retracement.

Robin Han is a Ph.D in Department of Chemical and Biomolecular Engineering and has got a solid foundation in the financial markets.

Please click here for more information about this author.

United Engineers  2.540 +0.01 +0.40%   
Business: [FY17 Turnover] Engineering & distribution (25%), property development (27.1%), property rental & services (24.3%), manufacturing (15.8%), corporate services & others (7.8%).

Insight: May-18, 1Q18 revenue fell marginally by 0.8% to $1... Read More

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