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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

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