UOB, as one of the major banks in Singapore, may be affected by the worsening global economic situation. A downtrend is made up by a series of lower highs and lower lows. The stock price is currently trading below the support level at $12.05 signifying that a lower low has been formed. The significant resistance level of UOB may be at $13.95 which is the 3-month high. In addition, bearish divergence can be clearly seen in the MFI as the price tested the resistance level in Jan’09. The key support level may be at $11.00 which is the low of Oct’08 and Nov’08 and failure to hold this key support level may result in heavy selling.