Technical Pulse: Overseas-Chinese Banking Corp Ltd September 5, 2019 517

Support 1: 10.49                     Resistance 1: 10.77                         


Although OCBC (SGX: 039) is still in an overall bearish downtrend. However, we believe OCBC may be heading for a slight upward corrective move based on the technicals below:  

  1. Bullish closure above the support at 10.49. The bulls are slowing staging a comeback.
  2. Inverted head and shoulder formation indicate a potential rebound should the stock breaks the neckline resistance at 10.77.
  3. Although the candle on Wednesday close shows some slight rejection below the resistance, the overall body of the candle is still strong. Thus, the bullish momentum is intact.
  4. RSI is showing a bullish divergence.



Relative Strength Index

Period = 14

Red line = 60 overbought Line

Green line = 40 oversold Line

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