OCBC

OCBC: CIMB has Technical Buy Call. House note that prices were going to correct towards $8.16 and $8.03. Prices did fall into this band but the bulls quickly pushed prices back upwards. It has since moves sideways, likely forming a triangle above its 30-day SMA.

With both its indicators being flat at the moment, house believe that the triangle pattern is indeed taking place. A breakout above $8.49 would signal that prices are heading higher to test the 50%FR at $8.88. There is a strong resistance band at the S$8.70-8.90 levels. Recommend Aggressive traders to buy now with a tight stop placed below the recent swing low of $8.16. If prices open below the stop loss, please ignore this trading suggestion.