OCBC Bank: Trading in a Rising Wedge

OCBC Bank has formed multiple tops with resistance at about $9.13 and currently trading in a Rising Wedge. Rising Wedge is a reversal pattern in an uptrend. Breaking down this Rising Wedge will send OCBC share price to $7.40. OCBC stock price is currently trading just above the 200D MA support.  This 200D MA support coincides with the Rising Wedge Support. The chart looks bearish at the moment.

This Post Has 6 Comments

  1. RL

    OCBC has been consolidating sideways supported at $8.72 since the falling window on 08/09/2010.
    This coincides with the 38% fibo of the May 2010 low to the August 2010 high.

    The bulls have managed to close the gap on an intraday basis, but still not managed to have a session close above the gap.
    Today had an inverted hammer with heavy volume, showing that the bulls are still trying in force to overcome the falling window.
    If (a BIG IF) the bulls manage to close a session above the gap in the near future…

  2. RL

    Bullish Engulfing formed today, engulfing the preceeding 4 candles. Heavy volume.
    The bulls are still trying, but have not managed to get a session close above the 08/09/2010 gap.

  3. Marubozu

    The candlestick and the chart pattern + support / resistance so reliable most of the time..

    Coupled with Bullish engulfing pattern at the 200D MA support and the wedge support, it looks like rebounding.. The question now is to see whether can break the 20D and 50D MA resistance. Rising wedge is normally a reversal pattern if breaks down.

  4. RL

    It has broken the 20d SMA already. Anyway, I do not take the 20d SMA and 50d SMA into consideration when the price is within a consolidation pattern.
    My focus now is on whether can close above $8.88 to have a session close above the gap resistance. That will be my signal that it is time to be a buyer.

  5. julia

    can someone help me ? im looking for some imformation of OCBC bank stock market , something like , when was the first trading , how is the stock market from the first year until now ? anyone can help ???

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