UOB has been quite strong despite the recent global market plunge. A symmetrical triangle can be appreciated although it is not a tight one. Breakouts can occur both ways (up or down) in such a formation so watch for breaks of the two trendlines.
Interestingly the 25 and 50 day moving averages have crossed recently giving a reading of 17.90. Incidentally this coincides with the apex of the triangle thus representing a possible future resistance/support level.
Another necktie where the 25, 50 and 200 day moving averages cross is 21.50 probably indicating a key resistance level.
*Updated 24 March 2008*
Breakout of symmetrical triangle detected on UOB today.
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