Price is approaching support where we could see a bounce above this level. That said, we do caution the limited upside in prices a price is still holding below our descending trend line.
Firstly, form the Exponential Moving Average (15 , 30) for both stocks are on uptrend.
Besides that, From the MACD (12 , 26), both has upper cross, showing potential uptrend.
Lastly, from RSI level, both are around 60, shows both stocks are favorable to investor.
Price is testing our resistance where we could see a reversal below this level. Our first resistance is in line with our 23.6% retracement, 78.6% extension and descending trend line as well.
Looking at a short on OCBC Bank(O39.SI) as well here, price is facing bearish bias from our pivot level and 20 period EMA, where we could be seeing a reversal to our first support level.
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Looking for alternative interpretations!
Money Flow Index: 33.24, small room for further decline. Might also be biased towards 27th May distribution volume ex dividend. (Uncertain)
CMF: - 0.29 as of 29th May. Major sell off unlikely, limited room for major demand declines (Uncertain)
Moving Averages: Likely for 14 day SMA to cross under...
Consider it a Rising wedge or a flag/pennant (on longer timeframe). Both in my view are bearish formations in current context. Look out for the breakdown of the wedge. Target should be recent low atleast.
However, I also see a cup and handle formation, therefore, bets off if the recent high is taken out and goes above the wedge formation.
Disclaimer: Not a...
The banks have been selling off due to a lower interest rate environment which now gives rise to the opportunity for some short or swing trade at smaller risk levels.
OCBC Bank hit into a long term trendline support as well as a med term horizontal support this morning and is now bouncing off these supports. I will be going long with a stop just below this...
Laggard Stock among the 3 local Singapore Banks: DBS, OCBC and UOB.
Cleared the 1st hurdle (above moving average, cloud and downtrend resistance line). '
Will it be able to clear 2nd hurdle (maintain above the 1st hurdle, clear the 11.19 level and the next downtrend resistance line)?
SHORT OCBC
Entry: 10.77
TP1: 9.75
TP2: 9.08
SL: 11.15
Market holding below natural moving average and descending trendline resistance.
MACD in bearish territory
Trade safe guys! Feel free to reach out to me if anything!
Cheers
**Trading is a high risk activity. Follow my personal calls at your own discretion. Always do your own due diligence and analysis. I...
![O39: OCBC [1-3 weeks view]](https://s3.tradingview.com/v/v6xg1N2d_mid.png "OCBC [1-3 weeks view]")
