New recent low yesterday then a rebound seen today, more selling to come again? Price 7.71
Sent: Thursday, January 14, 2016 9:15 AM
Subject: ********** OCBC Bank: Heading back to 8.00 key support level, price 8.09
Subject: ********** OCBC Bank: Heading back to 8.00 key support level, price 8.09
Following up from previous bearish call, we have indeed seen a further sell down below the 8.30 temp support level. Likely to head towards the critical 8.00 level now where we can see some bargain hunting. Those who have shorted can consider timing some entry back near the psychological support first. Trend still looks weak below the 8.50 level now with 8.30 as the immediate resistance level. MACD indicator still pointing lower so got to be cautious too of any long positions especially if the 8.00 does not hold further, in the case we can see a trade back to 7.50 – 7.80 region. Lower buy stop loss to protect profits for those with CFD short positions.
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