Buy OCBC @ $12.60Encountering strong resistance and rejection from $13 strong psychological level now
Expecting a pullback to support
Buy point 12.6
Buy and accumulate
OCBC
OCBC is facing bullish pressure, potential bounce Prices are approaching support in line with our ascending trend line where we could see a further upside above this level.
OCBC is approaching resistance, potential reversal Price is approaching our first resistance in line with our horizontal swing high resistance, 78.6% fibonacci retracement and 127.2% fibonacci extension where we could see a reversal below this level to our first support target.
OCBC is seeing reversal of trend based on trendline,more drop! OCBC is seeing reversal of trend based on trendline,more drop! Entry at possible pullback at 76% fib retracement and target is in line with -27% fib retracement and horizonal swing low.
OCBC facing bullish pressure Price broke out of key descending trend line, a test of our buy entry could present an opportunity to go long and play to our take profit target. Overall direction is bullish for me now as long as prices holds above the trend line and a break above the immediate ressistance at 8.69 could see prices push higher.
Key levels to watch on OCBCPrice is trading within a range now and is facing bearish pressure from our descending trend line and Ichimoku cloud and a test of our resistance could see a reversal below this level. If price breaks above our descending trend line, it could provide room for more upside confirmation.
OCBC facing bearish pressure Price is facing bearish pressure from our resistance in line with our 78.6% extension and 23.6% retracement where we could see a reversal here.
OCBC - Rising wedge!Consider it a Rising wedge or a flag/pennant (on longer timeframe). Both in my view are bearish formations in current context. Look out for the breakdown of the wedge. Target should be recent low atleast.
However, I also see a cup and handle formation, therefore, bets off if the recent high is taken out and goes above the wedge formation.
Disclaimer: Not a recommendation to buy or sell.
