Phillip Securities Research - Phillip CFD
Phillip Securities Research - Phillip CFD
Phillip Securities Research - Phillip CFD
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Technical Analysis 4 March 2009<br />
Price<br />
OCBC<br />
Previous close 4.09<br />
Support level 1<br />
3.56 to<br />
3.60<br />
Support level 2 3.00<br />
Resistance level 1 4.41<br />
OCBC, Daily, 3 March 2009<br />
50MA<br />
Source: Bloomberg, <strong>Phillip</strong> <strong>Securities</strong> <strong>Research</strong><br />
OCBC broke its $4.41 lows and is trading significantly below it.<br />
Today’s initial rally during the day was a result of testing one of the lows in 2004, as<br />
well as proximity to $4.00 a psychological round number. However, as of this writing,<br />
buying seems to have been well absorbed with price currently near the lows of the<br />
day. This might be indicative of the sentiment in OCBC, which is predominantly<br />
bearish since historical support got soaked up by selling within 1 day.<br />
Our first target is at $3.50 to $3.56, which is projected support. Price should stage a<br />
small bounce or consolidate around this zone.<br />
The final target for now is $3.00 to $3.15. We advise investors to cover all positions<br />
here, as this price range is very strong support coming from multiple highs and lows<br />
stretching all the way back to 1995.<br />
Our recommended stop is $4.55, slightly above resistance.<br />
3
Change language