Retracement on OCBC?

Forexbae
2022-01-10

Hey guys! Looking to short $OVERSEA-CHINESE BANKING CORP(O39.SI)$Let me know what you think.

With price at a resistance area on the graphical level and on the stochastics indicator at around 12.09 where the 161.8% Fibonacci projection is as well, I'm biased that there may be a short retracement to at least 38.2% at 11.73. If not, my stop loss is at the next 127.2% Fibonacci extension level at 12.40.

Entry:12.09[Smile] 

Take Profit:11.73[Miser] 

Stop Loss:12.40[Cry] 

$OCBC 5xLongSG221201(DMUW.SI)$

$OCBC 5xShortSG221201(DFJW.SI)$

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Comments

  • vaztan
    2022-01-10
    vaztan
    I don't need to look at chart but can tell you that bank stock will be strong over the next 12onths because of interest rate rise. if one to short ,I think short Tesla better
  • Retire Smart
    2022-01-12
    Retire Smart
    Trading is a probability game although you have TA and past prices as tools to help you gain an edge. In this case, with rates hike looming which is in favor of ocbc, the odds is against this trade.
  • Et1502
    2022-01-12
    Et1502
    Sgp Stock tracked closely to US Stock Indices.
    Interest Rate hike is good for the Banks.
    Curbing inflationary rate is good for Consumers. Likely, banks will enjoy these factors to GROW.
  • Nanamoney
    2022-01-13
    Nanamoney
    Tesla up up down down recently. Anything less than 1000 a good entry. But do stomach the risk too. observe the trend and within limit
  • koolgal
    2022-01-12
    koolgal
    It is not a good idea to short OCBC when it is on an uptrend.  But that's just my humble opinion. Best of luck.
  • S.B.D
    2022-01-11
    S.B.D
    Ocbc is great, now it’s going to up trend, can take position, furthermore, raising interest rate benefits banks
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