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Monday, March 30, 2009

Bank Stock under spotlight

I'm going through dozens of charts, and what surprised me is quite number of stocks are ALREADY in uptrend, looks pretty good (I'll do a seprate post for these stocks afterwards). and of course bank stocks are under spotlight amongst all, however, i'm confused... Take a look at below chart for OCBC:



The 4.9 resistance line was broke easily on Thursday with a pullback on Firday to the 4.9 again! it's resistance turn to support now.What looks suspicious is you see the light volume compare to the super heavy volume on breakout day, it's only half of it. em... If tomorrow the 4.9 level hold, it's more to upside.

UOB

UOB looks more bearish compare to OCBC, it closed below its support 10.52 on Friday with heavy volume, well...it also still got some room to move up till its major resistance @ $11. I guess it's likely retace and touch the gap support at 9.9~9.8, then rebound up to $11. like this good? any comments?



DBS

A "fine-tune" look into DBS again. With only a doji pause on wednesday which is at the resistance 8.4, Thurday it has a steady upday, Friday's pull back to 8.4 with slightly lighter volume. Again, if 8.4 hold then it's more to the upside. A break down will bring it to recent gap support level at 8.1 then 7.8 which is the major support.

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