OCBC Bank: Time to Short?

  • Post author:

OCBC has broken the neckline of a Rounding Top / Triple Tops. The recent rebound failed to go above the neckline and thus this previous support now become resistance. All three 20D, 50D, 200D SMA are trending down. 2/5 EMA are showing bearish signals on both daily and weekly chart. OCBC has also broken the recent low of $8.40 and the price target for this shorting trade is $8.00 (161.8% FR).

  • Current Price = $8.38
  • Current PE = 12.46
  • Rolling PE = 11.45
  • Dividend Yield = 3.58%
  • Beta (75 days) = 0.99 (highly correlated to STI)

See other Straits Time Index 30 Stocks Watchlist.

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City Development: Technically Bearish

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City Development is technically bearish because the share is current trading below 200D SMA. The share is facing tough resistance of 20D SMA and also forming a “Lower High, Lower Low” down trend pattern. The 20D SMA is going to cross down 200D SMA in the next few sessions which may bring in more sellers who are watching for this Dead Cross.

  • Current Price = $10.09
  • Current PE = 11.49
  • Rolling PE = 13.63
  • Dividend Yield = 0.79%
  • Beta (75 days) = 1.14

Things to watch:

  • The Dead Cross
  • Whether the 20D SMA continues to be the tough Resistance
  • 2/5 EMA crossover on daily and weekly chart

Previous post on CDL.

 

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Keppel Corp: Rebounding Soon

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Keppel Corp has retraced about 40% from the top of $11.68 and looks like rebounding from the 200D SMA and also the 38.2% Fibonacci Retracement Level.
Resistance seen at $10.46 (20D SMA) and $10.84 (50D SMA). Need to wait for 2/5 EMA crossover in the Daily and Weekly Chart to confirm the rebound.

  • Current Price = $10.03
  • Current PE = 9.77
  • Rolling PE = 8.01
  • Dividend Yield = 4.26%
  • Beta (75 days) = 1.17

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