OCBC Bank Stock Code O39
Outlook
Price has moved above the Bollinger Band. However there was no Bollinger Band squeeze before the breakout, reducing the reliability of the breakout. That does not mean the breakout is invalid. Price is trying to break above its recent high at $11.60. MACD has turned bullish, moving above its zero line with good strength as indicated by the strong and rising green histograms. If price were to break above $11.60, there is a good chance price can go higher to the previous high of $12.14 back in Aug 2018. Price should not close the gap it created 3 days ago. A price move below $11.20 would negate the bullish view.
Strategy
$11.60 Buy
$12.12 Price Target
$11.20 Risk Management Stop
2 weeks Trade Duration
Tencent Stock Code 0700.HKE
Outlook
Price moved above its Bollinger Band yesterday in a strong candlestick pattern, closed the day just below the previous high of HK328.40, which was 4th of Dec 2018 high. RSI had managed to stay above 45 reading and is now crossing over the 60 reading. There is still room for RSI to follow price higher. Overhead, there is a price gap from HK343.60 to HK355.40. We think price should be able to move up to test this gap resistance. On the downside, price need to stay above HK310 to be bullish. A move below HK310 would negate our bullish view.
Strategy
HK327.60 Buy
HK345 Price Target
HK309.50 Risk Management Stop
2 weeks Trade Duration
