Singapore's UOL Group hits over 3-month high; chart points to more upside

UOL

21/10/2019 06:29

** Shares of UOL Group Ltd  UTOS.SI  rise as much as 2.8% to
S$7.74, highest since July 8
    ** Stock's wave pattern suggests that it has completed a
triangular correction (wave 2) that started on April 18 https://tmsnrt.rs/33SdaVf
    ** After a triangle breakout, stock cuts above a resistance
at S$7.7, the 50% retracement level of the downtrend from Nov.
1, 2017 to Dec. 26, 2018
    ** Stock has its next resistance at S$8.122, the 61.8%
retracement level
    ** Wave pattern indicates that the stock is in wave three;
typically the longest wave in a five-wave uptrend
    ** Trend intensity (TI) indicator rises two points to 15,
which suggests that a new uptrend has started for the stock
    ** MACD is positive and above its signal line
    ** Stock up 21.7% this year as of last close, compared with
the broader index's  .STI  1.5% gain in the same period
    
NOTE: No information in this analysis should be considered as
being business, financial or legal advice. Each reader should
consult his or her own professional or other advisers for
business, financial or legal advice regarding the products
mentioned in the analyses.
    

 (Reporting by Gaurav Dogra)
 ((gaurav.dogra@thomsonreuters.com;))