OCBC share price in devastating bloodbath
9 March 2020 would be remembered as one of the darkest days in financial world as global stock markets plunged into chaos following Saudi Arabia’s oil price war against Russia. Being one of the leading lights of Straits Times Index (STI), OCBC share price was not spared from the carnage.
OCBC share price collapsed following the epic announcement of the oil fall-out, breaching the support level of $10.00. Prior to the correction, OCBC share price had been hovering between $10.50 to $11.00. As one of the largest lenders to the oil and gas companies in Singapore, the latest blow from the oil saga knocked the wind out of OCBC share price.
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Question now is whether OCBC share price will fall to $7.00? The last time that OCBC was trading at $7.00 was only in 2016, the peak of the oil price slump of 2014. So the nightmare scenario of OCBC share price free falling to $7.00 could be a possibility in the coming months. This is especially so given that the latest oil price war came on the back of the unfolding coronavirus outbreak.
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