Thursday, July 27, 2006

United Overseas Bank

UOB will announce its results on for 2Q 06 on 1st August. While I had been bearish on STI, UOB is giving me some 'second thoughts' on whether i should be bearish. From the Fundamental perspective, most analysts are giving it buy rating with a median price target of about S$17.83.
UOB has surprised on the 'upside' for the last 2 quarters, it remained to be seen if it can continue to do so for Q2.

Technically, the chart looks like it is ready for a run up to the mark 'X' ~ S$16.50 on the chart above. The parabolic SAR has turned bullish coupled with MACD crossover seemed to strengthen the bullish bias with a very strong support at $14.80. Lets see how the 'story' pans out over the next few days! :)


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