OCBC Bank has high probability to retrace after showing a Bearish Engulfing candlestick pattern at $9.80 resistance. Immediate support at $9.60 followed by $9.50.
A potential Triple Tops chart pattern is observed on City Development Daily chart. Neckline is at about $10.77. Price target for this breakdown is about $10.12. Triple Tops is a Reversal Chart Pattern. Weekly candles are showing Bearish Engulfing pattern after rejected at 50% FR, 2W EMA is crossing down 5W EMA. Both daily and weekly charts are showing bearish signal. Looks like a potential stock to short next week!
Caution: XD on April 30, 2012.
All 3 US Key Indices Dow Jones Industrial, S&P500 and NASDAQ Composite faced sell off in the last 30 mins of trading hour. This is not really unexpected because I am predicting the stock market will turn to bear again after the recent 3 days strong rally because they are hitting the resistance. Fasten your seat beat in the coming week because I am anticipating another Bear Flag, ie. another big sell off!