Friday, May 6, 2016

OCBC: Is there more weakness to come in the coming week as mentioned..... price 8.33....

Seems like there is more selling again in the blue chip counter with market weakness seen today again. Can it head towards the 8.00 level now….  Well we don’t just ride the upside, we ride the downside as well, but with strict rules and criteria….

Congrats to those who managed to lock in some CFD SELL positions yesterday….. protect profits  J


Sent: Thursday, May 05, 2016 9:39 AM
Subject: *********** OCBC: A move below 8.50 support can be bearish short term... price 8.43
From previous buy calls in Macrh, we have seen OCBC traded to a high of 9.50 near our target and retrace back down. I hope that you did have a plan to lock in profits on the retracement then. Anyway we have seen OCBC break below the key 8.50 support that was the original resistance level it broke upwards from. This can see more weakness in the short term towards 8.00 – 8.10 where buying pressure may come back again. MACD has broke back to the negative zone on this price action. Cautious long…. CFD SELL may be possible to ride the downside as long as 8.50 holds as resistance now…

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