OCBC Bank: Time to Short?

  • Post author:

OCBC has broken the neckline of a Rounding Top / Triple Tops. The recent rebound failed to go above the neckline and thus this previous support now become resistance. All three 20D, 50D, 200D SMA are trending down. 2/5 EMA are showing bearish signals on both daily and weekly chart. OCBC has also broken the recent low of $8.40 and the price target for this shorting trade is $8.00 (161.8% FR).

  • Current Price = $8.38
  • Current PE = 12.46
  • Rolling PE = 11.45
  • Dividend Yield = 3.58%
  • Beta (75 days) = 0.99 (highly correlated to STI)

See other Straits Time Index 30 Stocks Watchlist.

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City Development: Technically Bearish

  • Post author:

City Development is technically bearish because the share is current trading below 200D SMA. The share is facing tough resistance of 20D SMA and also forming a “Lower High, Lower Low” down trend pattern. The 20D SMA is going to cross down 200D SMA in the next few sessions which may bring in more sellers who are watching for this Dead Cross.

  • Current Price = $10.09
  • Current PE = 11.49
  • Rolling PE = 13.63
  • Dividend Yield = 0.79%
  • Beta (75 days) = 1.14

Things to watch:

  • The Dead Cross
  • Whether the 20D SMA continues to be the tough Resistance
  • 2/5 EMA crossover on daily and weekly chart

Previous post on CDL.

 

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City Development: Triple Tops Formation?

  • Post author:

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.

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