Tag: OCBC Bank

OCBC Stock Code O39.SGX

Outlook

Price broke above the cloud and in the last trading session, which was a black candlestick, price managed to close above the cloud, keeping the uptrend intact. Conversion and Base lines had a bullish crossover earlier, hinting at a bullish price trend. Lagging Span is above price of 26 days ago and above the cloud, confirming the bullish trend. MACD had a bullish crossover and is hinting at a bullish price trend. We think price is likely to move higher to the previous high at $12.39 in the next 2-3 weeks.

Strategy                  

$12.06                Buy

$12.39                Price Target

$11.80                Risk Management Stop

3 weeks              Trade Duration

OCBC Bank Stock Code O39.SGX

Outlook

Price broke and closed below the cloud in the previous trading session, changing the chart outlook to bearish. Conversion and Base lines had a bearish crossover, hinting at a bearish price trend ahead. Lagging Span is below price of 26 days ago and but is above the cloud. MACD has a bearish crossover, hinting at a bearish price trend. If price stays below the cloud, we are likely to see a decline to the previous low at $10.99 in the next 2-3 weeks.

Strategy

$11.60                Sell

$11.00                Price Target

$11.90                Risk Management Stop

3 weeks Trade Duration

OCBC Bank Stock Code O39.SGX

Outlook

Price broke above the cloud on 13 October and reached a high of $12.04 on 19 October. Since the high, price has been consolidating in the form of a Pennant chart pattern. A breakout of the pattern is likely to send price higher to $12.28. Conversion and Base lines had a bullish crossover, hinting of a bullish price trend. Lagging Span is above price of 26 days ago and is above the cloud, confirming the bullish trend. MACD is bullish with both its lines above the zero line. We are expecting a price rally to follow to the next resistance level at $12.28 in the next 2-3 weeks.

Strategy

$11.95                Buy

$12.28                Price Target

$11.82                Risk Management Stop

3 weeks Trade Duration

After reaching a high of $10.40, price has been in a correction and the first support lies at $9.78, which was previous resistance turned support. The next stronger support comes in at the Base line at $9.40. Trend as indicated by MACD is bullish and a pullback to support level would be a good location to accumulate for $10.40 in the longer term.

Strategy                  
$9.40               Buy
$10.40                Price Target
$9.10                Risk Management Stop
3 weeks              Trade Duration