Thursday, June 21, 2012
Ezra: OCBC technicals sees more upside ahead after the stock broke through the upper boundary of its 4-month downtrend channel; this was followed by a bullish break above the $1 resistance on increasing volume. Notes MACD is now on the verge of climbing above the centerline; this suggests that the downside momentum could have waned. Tips a potential recovery towards the next key obstacle at $1.18 (key support-turned-resistance) in the weeks ahead. Sees immediate support at $1, but advocates a stop-loss exit slightly below that at ~ $0.95. The houses currently has a fundamental Buy rating with TP $1.35.