JP Morgan (JPM) bounced back from 50D MA resistance and also 23.6% Fibonacci Retracement Resistance at $40.3 and punched through the neckline at $37.70 yesterday. Need to monitor whether this selling momentum is str0ng enough to confirm the Double Tops. I believe other traders are watching this level closely and prepared to short sell when this double tops is confirmed.
Keppel Land is currently facing a tough resistance at $3.85 to break. This KepLand bounces back from this resistance level, there is a risk of forming a Double Tops pattern. Immediate support at 50D MA followed by 20D MA. Definitely not a good entry point at this level except a breakout of this resistance with huge trading volume.
OCBC is currently sitting on the neckline of a Double Tops, and also a 200D MA support. The uptrend has already ended for OCBC since the support is broken and turned into resistance. If OCBC breaks the neckline, the price target of the Double Tops breakdown is $7.00 which also coincides with 38.2% FR level.
