Tuesday, 31 July 2012

UOB: Overbought at resistance

UOB currently at $20 horizontal resistance level.
Strategy: open short position at resistance.


Outcome:
1 Aug: Opened SHORT at $19.79
14 Sep: Covered at $19.14
Reason for closing: Inverted hammer and oversold stochastic oscillator seen on 3 Sep.
Note: XD on 30 Aug, dividend of $0.20
Profit $0.45, 2.3%

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