CFD Trading – OCBC & UMS

OCBC Stock Code O39.SGX

Price broke above the cloud on 3 June 2020 with a strong and big candle. Price rose to a high of $9.95 four days later. Since that high, a price correction brought price down to $8.92, which was also the gap zone support.  Price is currently near to the upper edge of the cloud, maintaining the bullish trend.   Conversion and Base lines had a bullish crossover, confirming the bullish trend. Lagging Span is above price of 26 days ago but is inside the cloud at the moment. Price is also likely to be supported by a gap zone at $8.67. MACD is bullish and its fast line could be turning around the zero line, hinting that the price correction could be about to end. Both of MACD lines are above the zero line as well. We expected price to move  higher to test the previous high at $9.95.

$9.03                 Buy
$9.95                 Price Target
$8.73                 Risk Management Stop
3 weeks Trade Duration

UMS Stock Code 558.SGX

After price broke above the cloud, it reached a high of $0.995  on 14 May 2020. Twice, during the price correction, price was supported at $0.865, forming a possible double bottom at that price. This bottom was also above the cloud, keeping the bullish trend intact. Conversion line and Base line are both above the cloud and rising as well.  MACD is bullish and consolidating above the zero line and its fast line could be about to turn up from the zero line, hinting of a price rally ahead. MACD could also see a bullish crossover as well if price can move higher in the next couple of days. We think price can move higher to test the previous high of $1.05

$0.930                Buy
$1.04                 Price Target
$0.855                Risk Management Stop
3 weeks              Trade Duration

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