Technical Analysis: OCBC Bank Limited October 17, 2016 50
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.
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Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.