Auguraltrader

DBS keeps breaking down in small steps...

DBS (SGX:D05)  
SGX:D05   DBS
Really painful to see a large (relative to Singapore) bank break down slowly like that...
Technically, it reeks of a bearish bias, but is not advancing with commitment. Instead is slowly breaking down the supports, from the trendline to the widening wedge , and yesterday, a critical level to close at a lower low (after a lower high weeks ago).

It is possible for a short bounce to 20.80 now, but downside bias remains, probably to continue after a bit of consolidation, if at all.

As DBS is a main component of the Strats Times Index, STI , there is correlation in the apparent weakness.
Comment: Market opened just after I posted, and a 3% drop for the morning was registered.
This came after news set in that regulators have limited the dividend yield for SG bassed banks.

Now, we see some decent technical commitment!

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