Continued from OCBC Analysis and DBS, OCBC, UOB Analysis
A new development happened to OCBC price performance today.
As shown from the chart above, OCBC hit an intra-day high of $11.21 and closed $11.15 today. This level appears to be breakout from the downtrend channel with high volume. Does that mean the Primary Wave 4, P4, correction for OCBC has ended at $10.36 on 30th Oct 2018 ? Unfortunately, it is still uncertain until the price level moves to the a conclusive level. However, do not rule out the possibility that it is too.
This is a P4 correction, a retracement of between 23.6% – 38.2% occurs 15% of the time while between 38.2% – 50% is 60% of the time. Also P1 peaked at $9.50 and price should not fall below $9.50 as that will result in …