Skip to main content

Oversea-Chinese Banking Corporation Limited (O39 SGX): Bullish Outlook if S$17.60 Level Cleared




Oversea-Chinese Banking Corporation Limited (O39 SGX)
Potential for Further Upside if the $17.60 Level is Breached

Oversea-Chinese Banking Corporation Limited (O39 SGX) is currently showing bullish momentum, supported by favorable technical indicators with potential of further upside. Technical and trade set up as follows:

Supporting Technicals
Uptrend Confirmation: O39 remains in a strong uptrend, with higher highs and higher lows observed over recent sessions. This suggests continued buyer interest and positive sentiment.
Volume Surge: Strong volume was recorded on the last trading day, signaling increased participation and conviction among market participants.
Relative Strength: The stock's relative strength against the broader market has moved above zero, indicating that it is outperforming its benchmark.
Stochastics Momentum: The Stochastic oscillator ticked higher, reflecting a shift in momentum that could support further price gains.

Cautionary Note – FFI: The only element of caution is that the volume-based momentum indicator (FFI) still needs to turn higher to confirm sustained bullishness. Traders should monitor this closely.

Trade Setup
Entry Point: bove $17.60 (to confirm a breakout from the current resistance level.)

Targets:
First Target: $18.33 This represents a key resistance level where profit-taking could occur.

Trailing Stops:
Swing Trade: Use 13-day Simple Moving Average (SMA)
Trend Trade: Use 8-day Box

Disclaimers Apply

Most Popular

Historical Stock Market Performance During the Year of the Snake (2025)

Historical Stock Market Performance During the Year of the Snake (2025) Introduction: The Chinese zodiac plays a fascinating role in shaping cultural beliefs and behaviors. Among the 12 zodiac animals, the Year of the Snake is often associated with intelligence, caution, and financial shrewdness. We take a simply review of three key indices, S&P 500, Hang Seng Index (HSI), and Straits Times Index (STI),  annual performance  during the Year of the Snake. Key Observations from the Data: S&P 500 Performance: Average annual return: 0.47% . Win/Loss ratio: 37.5% (3 years of gains vs. 5 years of losses). Notable years: 1989 marked a robust gain of 27.25% , while 1941 saw a steep decline of -20.22% , coinciding with global tensions during World War II. HSI Performance: Average annual return: -5.36% . Win/Loss ratio: 66.67% (2 years of gains vs. 1 year of losses). Notable years: The index's strongest year was 1989, with a return of 5.55% , while 2001 suffered a severe decli...
Read more

Week Ahead: Trump Trade and the Resilient US Economy

  Week Ahead, 9 Dec 2024 Macro News: U.S. markets continued their record-breaking streak this week following a reassuring speech by U.S. Federal Reserve Chair Jerome Powell, highlighting Fed's cautious yet comfortable stance on rate cuts. Beneficiaries of the "Trump Trade" also saw significant gains, with Tesla Inc. rising by +12.77% and Bitcoin up +2.24% for the week. The U.S. technology sector, represented by the QQQ ETF, also performed strongly, boosted by Friday's jobs report, which indicated a resilient economy. Meanwhile, the Hang Seng Index (2800 ETF) experienced a technical turnaround, gaining +2.28% this week. The rally was fuelled by speculation that Beijing might introduce additional lending and mortgage rate cuts to stimulate the economy. Medium Term: • S&P 500 (SPX): Index remains above the 6,000 level and could trend towards the 6,180 zone. • Straits Times Index (STI): STI reversed near our 3,860 resistance zone. We are neutral and is looking out for...
Read more

BYD Co (1211:HK) Witnessing Signs of Strength

BYD Co (1211:HK) Witnessing Signs of Strength On Friday, we observed strong buying within a wide trading range, with the stock closing near the day’s high and good volume recorded. The previous two days of selling showed relatively low volume, indicating potential supply exhaustion. The stock price is currently at a key resistance level, constrained by a downward trendline and a horizontal support-turned-resistance line. A breakout above this level could signal a potential trend reversal , with an initial technical price target of HK$300.00. The stock is outperforming the broader market, indicating strong market demand, as evidenced by our proprietary Relative Strength Indicator (RSI), which is above zero. Additionally, the volume momentum indicator (FFI) is improving, further supporting the possibility of supply exhaustion. The Stochastic indicator also continues to trend higher, reinforcing a bullish outlook. A stop-loss price is set below HK$248.40 . If the price falls below this l...
Read more