UOB rejected at $20.00 resistance with Bearish Engulfing pattern with a spike in trading volume. Is it a first sign of trend reversal? Anyway, I have shorted the stock using CFD base on my trading strategy “Buy Near Support, Sell Near Resistance” when I see a reversal candlestick pattern with a very tight stop loss just slightly above $20.00 resistance. All other technical indicators have not shown any bearish signals yet.
On a bigger scale, UOB is showing a Huge Ascending Triangle with a tough pyschological resistance at $20.00. 200D SMA support is at about $19.15.
Previous analysis on UOB Bank.
Key Statistics for UOB
| Current P/E Ratio (ttm) | 11.5109 |
|---|---|
| Estimated P/E(12/2013) | 11.6775 |
| Relative P/E vs. FSSTI | 1.0717 |
| Earnings Per Share (SGD) (ttm) | 1.7175 |
| Est. EPS (SGD) (12/2013) | 1.6930 |
| Est. PEG Ratio | 1.3011 |
| Market Cap (M SGD) | 31,134.76 |
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