Thursday, February 25, 2016

UOB: As mentioned, back to key 17.00 support now, price 17.04.....

What’s the plan now?? Buy or sell…..

Sent: Wednesday, February 17, 2016 12:21 PM
Subject: ************* UOB: Still within consolidation with support at 17.00 for now holding, opportunity to accumulate for rebound with stop loss... price 17.26
Following up from previous call, we have indeed seen UOB headed back to the 18.00 resistance before some selling pressure came back. May retrace back to 17.00 again where we can see some short covering on bargain hunting on dips again. For those who have short near 18.00 would be good to cover and scale back some positions near 17.00. This level has been holding for more than a month and looks good for a rebound again as long as UOB maintains above 17.00. Longer term trend is still negative so good to take profit on any rebound back to 18.00 or 18.30. Breaking below 17.00 can see a new multiyear low again towards 16.00 so stop loss for long positions below 17.00.

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