OCBC has also hit our target of 8.88 and did a fake breakout and came back down.Hope you all managed to learned something from it. =)
It is now within the band of 8.70 and 8.88. We’ll now observe and see how the banks are doing. IF strength continues in the banks then once OCBC breaks 8.86 and stay above we might consider going long with a tight stop loss at 8.83 or 8.69
Yours
Humbly
Post on sunday just two days back and OCBC broke out and ran up. It moved up to a high of 8.78 can closed back down to the recent resistance of 8.73. We have drawn the potential resistance/targets for ocbc.Lets hope it can move up to 8.88 soon . =)
Yours
Humbly
Before we start sheng shiong had a fall to $1 before some short covering came it. $1 was a bonus to us. So hopefully your shorts were profitable.
Next, after the crazy week with trump winning market seems to have gone up instead of down which observers were hoping for. Our local banks seems to have a strong rebound with DBS rebounding from $15 to $16! WOW!
We’re watching OCBC now and looking to see if it can break that downtrend line convincingly at about 8.65. It is currently being resisted by the 50ma at 8.59. It tried to break on friday but retraced after that. So this will be in our watchlist. We’ll consider entering when it breaks above the line and have ย a stop loss at 8.58 ot 8.50 .
Yours
Humbly
DBS, slammed down today due to exposure of swiber (http://www.straitstimes.com/business/dbs-exposure-to-swiber-group-at-700-million-expects-to-recover-half)
This might just be the start has it might have other exposure to the O&G sector and debts that will be hard to recover. We’re using the 200ma as the first support at 15.67 and if that breaks then eventual target to 15. Entry to short at 15.8 with a stop loss at 16 or 16.15.
OCBC currently at its horizontal suppport of 8.71 it hit there and rebound. But if this breaks then we might see more downside towards its 200ma at 8.63 then 8.55. Our short entry would be 8.7 with a stop loss at 8.90. Of course we don’t naked short, we use our CFD DMA to short. ย The risk reward for now could be 1-1
Yours
Humbly
OCBC bank has shown someย resilience over the past week and has been in range for the last few days. The resistance of 8.08 still hold and unless it breaks above that then we might see it test the downtrend of 8.24. Today candle seems ugly as it went to test the resistance and closed below the open. The immediate support is at 7.92 and a break of that might see further downside. We are anticipating further downside for this counters. Our stop loss would be at 8.08 or even at that downtrend at around 8.24
Have you seen first res since our post?? Its down….
Yours
Humbly
