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Straits Times 3,130.23 +5.78 +0.18%
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United Overseas Bank ST: the downside prevails as long as 25.3 is resistance
Trading Central | 2019-08-25 23:19:00

The configuration is negative.

Our pivot point stands at 25.3.

Our preference: the downside prevails as long as 25.3 is resistance.

Alternative scenario: the upside breakout of 25.3 would call for 25.9 and 26.2.

Comment: the RSI is below 30. It could either mean that the stock is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the share stands below its 20 and 50 day MA (respectively at 25.79 and 26.05). United Overseas Bank is currently trading near its 52 week low at 23.39 reached on 03/06/19.

Supports and resistances:
26.2 **
25.9 *
25.3 **
25.1
24.65 (SGD-last)
24
23.7 **
23.3 *
23 **

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

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Written on 08-26-2019 at 01:19 UTC+1
Price reference: 24.65 last known on 08-26-2019 at 01:19 UTC+1
Investment horizon: ST

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