Over the past few days, we have seen Dow Jones rebounding by more than 500 points BUT only to be met with more selling..
The 3 banks too has rebounded but then the profit taking came back…
For OCBC, some selling pressure were expected near the 11.00 level where a potential retracement back south can happen again…
These were the levels where they broke down from last week…
See the downside targets that were reiterated again over the past few days…
The downtrend may still be intact for OCBC if we are capped below 11.00 for now, so any rebound can be met with some profit taking…
Today, we are indeed seeing some selling coming back after the temp rebound…
May see OCBC heading towards the 10.50 level again where we may attempt to push lower.
Would not rule out more weakness towards our 2nd target on more bearish price actions below 10.50…
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