OCBC has traded below the 10.20 resistance level for more than a week before rebounding above it today. Recent high in May was 11.20 last month. Note that it has rebounded from the 200 day MA (Dotted blue line) 3 days ago which can signal that the longer term uptrend is very much intact. Next target will be to 10.40 then 10.55. Might consolidate in this 10.20 to 10.55 range before more upside. Another short term resistance to watch is the 10.50 level which also coincides with the 20 DAY MA (Green line). More short term upside too if it manages to break above 10.50. Can consider holding more long positions if the 10.55 clears out. A play on FED coming out to reassure markets that Stimulus Measure will be here to stay in the near future.
Stop loss at 10.16 for short term trades
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