I saw the potential of OCBC. It had a good uptrend and was consolidating around her 1-year high. There was an ascending triangle with a strong resistance at $8.70 which can be interpreted as more buyers than sellers and the former are scooping up the stocks. Sellers keep selling higher and higher but there are very keen buyers and kept the price up. I placed a bid just after $8.70 at $8.71 and the stock went up to the next resistance at $9.09. The price find it hard to break the resistance and instead, it broke the support which I exited at $8.99.
Entry Date: 17 Dec 09
Exit Date: 7 Jan 10
No of shares: 1,000
Entry Price: $8.71
Exit Price: $8.99
Financing charges: -$11.31 ($0.87 x 13)
Commission: -$30
Profit: $238.69
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Discover the Secrets of Singapore Trading Gurus!
Interviews with Singapore stocks, forex, futures and options traders and trainers! This book is written for you:
- learn how professionals trade
- discover their strategies, money management and approach to the markets
- understand their stories and motivation behind trading
- know your trainers before attending their courses
