Username
Password
Forget Password?
  1. Indices
  2. Commodities
  3. Currencies
Straits Times 3,116.17 -8.28 -0.27%
Hang Seng 26,503.93 -17.92 -0.07%
Dow Jones 26,787.36 -29.23 -0.11%
Shanghai Composite 2,991.05 -16.84 -0.56%
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.


Join The Conversation
The Shares Investment editorial team welcomes constructive feedback on our coverage and content. We would also be delighted to answer any questions on the above article. Leave us a comment below, and we'll get back to you shortly!

All Rights Reserved. Pioneers & Leaders (Publishers) Pte Ltd. Best viewed with Mozilla Firefox 3.5 and above.