OCBC Bank had a gap down last Friday and also broke the 200D MA support. Next immediate support is at $9.324 which is the 61.8% Fibonacci Support. If OCBC is unable to hold above these two support after XD, it is expected OCBC to start the down trend.
Previous Analysis is no longer valid.
OCBC has broken down from an Ascending Triangle and heading towards the price target of $8.60.
Current OCBC chart is bearish as the stock is trading below all 3 moving averages. 20D MA has crossed down 200D MA which is a down trend signal.
OCBC Bank is forming an Ascending Triangle and currently bounced back from the Triangle support at about $9.30 which is also the 200D MA support. Current OCBC stock chart looks like going to move above all the 3 Moving Averages and heading towards the potential breakout of this triangle chart pattern. MACD is heading towards a bullish convergence region too. Breakout target price is about $10.20. Current level looks like an attractive entry level to ride on the short term bull trend for OCBC Bank.
However, current chart pattern will not be valid if OCBC breaks below the 200D MA support.
