UOB has been under heavy selling pressure since hitting an intra-day high of $13.98 on 6th Jan 09 and did an intra-day low of $11.70 on 15th Jan 09 before recovering to close $12.12 on 16th Jan 09. Technically, UOB might be start to bottoming from the Stochastic signals. With RSI moving up towards the 50% level, the downside could be limited and well supported at the $11.80 level. If the DI+ is able to cut up DI- with ADX moving towards 40 level couples with Stochastic signal moving back up from the oversold region, potentially, it could re-test the $14.00 resistance level which it tried to break on several occassion for past months. Immediate support at moment is $11.80 and if that can't hold, downside will be $11.10 level. At 16th Jan 09 price of $12.12, downside $11.80 and upside $14.00, the reward/risk ratio would be
($14.00 - $12.12) / ($12.12 - $11.80)
= 5.875x
