OCBC has been trending up slowly over the past month, trading range from 10.45 to about 10.70 for the past 1 week. Can expect to see more upside along with DBS and UOB if Fed maintains that stimulus measures will remain. Immediate resistance stands at 10.70 currently. Can consider accumulating on dips below 10.50. A break above the 10.70 level can see it head to 11.00 then 11.20 level which was the high seen in May 2013. Support would also be at the 20 DAY MA line at 10.30 currently which it has been staying above consistently since breaking above on 10th July 2013. Not for contra mainly, to hold and ride any potential uptick on strong market rally.
Morgan Stanley – 29 July 2013
No comments:
Post a Comment