United Overseas Bank Limited Stock Forecast
United Overseas Bank Limited stock price ended at S$31.33 on Friday, after gaining 0.707%.
(Updated on Jun 28, 2024)
The United Overseas Bank Limited stock price gained 0.707% on the last trading day (Friday, 28th Jun 2024), rising from S$31.11 to S$31.33. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 0.707% from a day low at S$31.11 to a day high of S$31.33. The price has risen in 8 of the last 10 days and is up by 2.22% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 79 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately S$98.48 million.
The stock has broken the narrow and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. S$31.16 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach S$31.71 sometime during the next 3 months.
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U11.SI Signals & Forecast
The United Overseas Bank Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at S$30.86 and S$30.72. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 2.69%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The stock had a Golden Star Signal on Monday, June 24, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Monday, June 24, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
A buy signal from a double bottom formation was found on Thursday, June 20, 2024 with a target of S$31.02. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for United Overseas Bank Limited stock
United Overseas Bank Limited finds support from accumulated volume at S$31.11 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved S$0.220 between high and low, or 0.707%. For the last week the stock has had daily average volatility of 0.89%.
Since the United Overseas Bank Limited has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: S$29.75 (-5.05%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (U11.SI) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect United Overseas Bank Limited to open at S$31.26, and during the day (based on 14 day Average True Range), to move between S$31.06 and S$31.60, which gives a possible trading interval of +/-S$0.272 (+/-0.87%) up or down from last closing price. If United Overseas Bank Limited takes out the full calculated possible swing range there will be an estimated 1.73% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ S$31.11, some S$0.220 (0.70%) from the current price of S$31.33, our system finds the risk reward attractive.
Is United Overseas Bank Limited stock A Buy?
United Overseas Bank Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for United Overseas Bank Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| S$31.26 ( 0.234%) | S$31.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for U11.SI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 31.48 | 0.468% |
| R2 | 31.39 | 0.200% |
| R1 | 31.34 | 0.0342% |
| Price | 31.33 | |
| S1 | 31.17 | -0.502% |
| S2 | 31.12 | -0.668% |
| S3 | 31.04 | -0.94% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 31.33 | |
| S1 | 31.11 | -0.702% |
| S2 | 30.79 | -1.72% |
| S3 | 30.57 | -2.43% |
U11 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 25, 2024 | Apr 25, 2024 | May 09, 2024 | S$0.85 | 2.80% |
| 2 | Aug 04, 2023 | Aug 04, 2023 | Aug 18, 2023 | S$0.85 | 3.04% |
| 3 | Apr 28, 2023 | Apr 28, 2023 | May 12, 2023 | S$0.750 | 2.70% |
| 4 | Aug 08, 2022 | Aug 08, 2022 | Aug 22, 2022 | S$0.600 | 2.20% |
| 5 | Apr 28, 2022 | Apr 28, 2022 | May 13, 2022 | S$0.600 | 2.11% |
FAQ
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