Wednesday, December 6, 2017

OCBC - Breaking Down

OCBC is breaking down so does the other banks. Could this be a start of a big avalanche to come? I am starting to believe that it might be but I need more evidence of distribution to occur first before taking a swing trade on this counter. The banks had rally too much this year and with the overall market starting to turn sourish, this is the counter I would look for short positions. Look at the minute chart, it's drifted off from the wall and start to breakdown with so much selling. I am overtly bearish with the blue chips now.

In fact, I posted my bearish outlook this morning in my private forum at 8:54am this morning. I was expecting the market to sell down and blue chips to suffer selling. The market as of now is down -30 points and the HSI is also down -500 points. The market could be entering into a bear phase.

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