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OUE May Continue Mid- To Long-Term Uptrend
Trend Spotting | 31 December 2012
By: Robin Han
Articles (102) Profile

Overseas Union Enterprise (OUE) is in a long-term uptrend.

From the weekly chart, we can see that after forming a complex bottom in a close to one-year period (Aug-11 to Aug-12), the counter begun moving up.

The uptrend is likely to be a long-term one; over the past three months, it had a mid-term pull back and is now starting to move up again. Considering the size of the bottom pattern, the current uptrend is likely to continue for a few more months.

Weekly chart of OUE

From the daily chart, we can see that it has pulled back after a four-day rally. The selling volume was low, with significant support level at $2.76 (61.8% Fibonnaci retracement).

Daily chart of OUE

I will consider buying on pull back in anticipation for a rebound or even resumption of uptrend (especially when the STI gapped down because of US market plunge overnight).

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.

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