UBS Group earnings beat 2Q expectations - 11.8CHF Next Trigger Point for Upside Breakout

UBS Group, the banking group, announced that 2Q net income dropped 11.5% on year to 1.23 billion dollars, above expectations

Uptrend 2

UBS Group, the banking group, announced that 2Q net income dropped 11.5% on year to 1.23 billion dollars, above expectations, and operating income fell 1.7% to 7.40 billion dollars. Return on CET1 capital slid to 13.2% from 16.0% in the prior-year period while CET1 ratio was stable at 13.3%. Also, credit loss expenses amounted to 272 million dollars, compared with 268 million dollars in the prior quarter. The bank said: "Depending on business development and the outlook in the second half, UBS may resume share repurchases in the fourth quarter."

 

From a chartist point of view, the stock price is nearing the upper end of a long term bearish channel. The weekly Relative Strength Index (RSI, 14) has landed on its support at 50% and is reversing up. A breakout conformation of the resistance at 11.8CHF would validate a bullish signal and would call for a quick rise towards the horizontal resistance at 13.3CHF. First support is set at 10.88CHF. As long as 10.88CHF is support, the bias remains bullish. Below 10.88CHF, look for a test of 9.9CHF. 

Source : GAIN Capital, TradingView

More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.