OCBC Bank Ltd – Weekly timeframe (Update from 15 June 16)
Current Sentiment: Bearish
Support 1: 8.28 Resistance 1: 8.74
Support 2: 8.21 Resistance 2: 8.88
Price is still stuck in the long term downtrend here as the 20 and 60 week moving average continually resist price.
The bearish momentum seems to be picking up as price broke below the 8.49 immediate range low significantly with increasing volume on the week ended 14/10/16. In addition, the Bearish Engulfing Bar also broke price below the uptrend line.
Expect price to move back into the long term downtrend next to test the 8.28 support area followed by 8.21.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks