It has been a good few weeks of analysis on UOB stock. Today marks an end of UOB stock analysis since i had closed this position last Friday.
I had mentioned last week that i expected UOB to bounce last Monday but if it fails to rally back into the triangle, it will continue to go lower which is exactly what UOB did last week.
Thus, i had closed off the short position since price has broke down from the triangle and hit the support line which i had drawn some time back. Could it go lower, of course it could. But it is now near the bottom of its support level, one should be ready to switch side.
Hope you too have benefited from this case study and enjoyed this education material. Until next time, will be sharing another one if i see any other patterns worth monitoring. ie: Like the one i have just posted about VIX http://strongerhead.com/?p=3593, which is one of the reason why i support the view of switching side too.