Will OCBC share price bomb out on 5 November 2019, which is the day it announces its third quarter financial results? In my view, investors should brace themselves for a wild ride as there are signs that point to OCBC share price breaching the critical support level of $10.00 in the coming weeks.
2019 had been such an intriguing year for OCBC share price. Despite posting good financial results for 1QFY2019 and 2QFY2019, OCBC share price tumbled after the announcement of the financial results. For example, on 10 May 2019, the bank achieved net profit of $1.23 billion for the first quarter of 2019, representing an increase of 11% to 1QFY2018. Yet in that month, OCBC share price plunged from $12.10 to a low of $11.00.
Then on 2 August 2019, OCBC share price corrected from $11.40 to $10.50 on 26 August 2019. The decline was puzzling