Thursday, May 24, 2018

OCBC - Longed at Momentum

After lunch earlier, there was some good buying momentum in the banks where the buyers were relentless in their buying and prices went higher. I saw the momentum when OCBC was at 12.93/12.94 cents but did not have to courage to buy until I saw a strong wall that was about to breakout and that's where we started buying at a little higher price. The momentum there after was strong as DBS followed and went up another 40 cents while OCBC followed closely behind. I was so pleased that many made $ while one of them was making $ at the beach at overseas.

When OCBC reached 13.0/13.01, there was a huge sell queue with 550 lots queuing to sell when all of a sudden the buyers were so strong that the wall was broken and OCBC hit a high of 13.03. I couldn't believe what I saw but it was a good push to break the 13.01 barrier. I believe there might be more upside for OCBC but along the way, I expect some reactions here and there. Congrats to all who went long earlier.

Ronald K - Market Psychologist - A Stock Market Opportunist