It seems like SG UOB has been charting out a H-S-T patterns over the past 1 year.
And similar pattern can be found in another SG bank stock - DBS.
What makes UOB's chart interest is its complex variation from the classic H-S-T pattern. Everything in this construct came "double". It two double-headed S and arguably a double-headed H. Even the retraction from the breakout line also happened twice (one in end nov early Dec, and the other one in last week).
If today's decline marked the end of the rebound, it' possible that the double-headed retraction was also done. As the next stage, the price might plunge through the breakout line again, and hit the minimum decline target i.e. $21.3.
Let this analysis be tested by time!
P.S. I am interested to see if it ends up with a double-tap at $21.3 range.
And similar pattern can be found in another SG bank stock - DBS.
What makes UOB's chart interest is its complex variation from the classic H-S-T pattern. Everything in this construct came "double". It two double-headed S and arguably a double-headed H. Even the retraction from the breakout line also happened twice (one in end nov early Dec, and the other one in last week).
If today's decline marked the end of the rebound, it' possible that the double-headed retraction was also done. As the next stage, the price might plunge through the breakout line again, and hit the minimum decline target i.e. $21.3.
Let this analysis be tested by time!
P.S. I am interested to see if it ends up with a double-tap at $21.3 range.