More Upside in UBS?
Swiss financial giant UBS rallied to a 15-year high over the summer. Now it’s pulled back, and traders may look for more upside.
The first pattern on today’s chart is the bullish gap on August 11 after management voluntarily ended a government guarantee covering potential losses from its acquisition of Credit Suisse.
UBS rallied for the next month and hit its highest level since 2008 on August 31. It then stalled and worked its way lower through late October.
The pullback resulted in a falling trendline, but UBS broke that resistance in early November and has remained above it since.
The stock is now trying to fight back above its 50-day simple moving average. The 8-day exponential moving average (EMA) has also crossed above the 21-day EMA, a potentially bullish short-term signal.
MACD is also starting to turn higher.
Finally, lower inflation in the U.S. is boosting the Euro. Further weakness in the greenback could favor a global blue chip like UBS.
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TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the bullish gap on August 11 after management voluntarily ended a government guarantee covering potential losses from its acquisition of Credit Suisse.
UBS rallied for the next month and hit its highest level since 2008 on August 31. It then stalled and worked its way lower through late October.
The pullback resulted in a falling trendline, but UBS broke that resistance in early November and has remained above it since.
The stock is now trying to fight back above its 50-day simple moving average. The 8-day exponential moving average (EMA) has also crossed above the 21-day EMA, a potentially bullish short-term signal.
MACD is also starting to turn higher.
Finally, lower inflation in the U.S. is boosting the Euro. Further weakness in the greenback could favor a global blue chip like UBS.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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