OCBC Bank: Good Entry Now

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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.

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China Animal Healthcare: At Corrective Elliott Wave C

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China Animal Health has formed a nice Elliott Wave pattern and currently the stock is trading at the corrective Wave C. Currently this stock is on the down trend after failing to break the 200D MA resistance and no sign of this bearish trend will stop.

Base on current chart pattern and PE ratio, it is not a good time to accumulate this stock for long term investing until the down trend is stop. Current price is over value compared to historical PE ratio.

  • Current Price = $0.27
  • Current PE = 18.38
  • Rolling PE = 15.87
  • FY09 PE = 12.23
  • FY08 PE = 15.78
  • Dividend Yield = 3.04%
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Yangzijiang: Start Down Trend Soon?

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Yangzijiang may be starting a down trend soon. There are a few bearish patterns for Yangzijiang stock chart.

  • The stock is trading below 3 Moving Averages (20D, 50D and 200D).
  • 20D MA crossed down 50D MA and 200D MA.
  • A Head & Shoulders trend reversal pattern in formation. Breaking down the neckline will send Yangzijiang stock price to about $1.20 level.

Things to watch:

  • Yangzijiang may bounce back from the neckline at about $1.60 and test the resistance at $1.689, followed by 20D MA and 50D MA resistances.
  • If Yangzijiang cannot break these resistance and bounced down, there is very high chance that the stock will break the neckline.

I am getting ready to short …..

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