DBS, a big component of the STI (Straits Times Index) finds itself on an island (yellow circle)
This is precarious... a drop below the current support will result in a decent retracement.
MACD and Relative Price Strength already turned down... so it is held up with very little.
Be aware, beware!
SGX:D05 is in the crossroad, either the Triple Tops will prevail or it will be a bullish breakout.
Based on the current formation, and if we combined with Supply and Demand; it is wiser to wait for Long Setup rather than Shorting it.
As at today there is no LL yet and overall still Buyer in control.
Here is my personal call:
Buy Stop at $21.65
Stop Loss at...
Looking here at DB I think we could possibly retest resistance but overall I might be going short once we start downward momentum. I think coming down and testing the 200ma would make sense, but then after that, there are a ton of gaps to fill. Assuming that the macro tops out soon or more Douche Bank weakness gets exposed on the balance sheet or...
I spot a potential entry to LONG SGX:D05 in the coming days with a good RR.
Almost a month DBS is ranging from $21 to low $20ish, the consolidation is getting tighter and compression needs to be released.
To cut the story short, here is my personal call:
Buy Limit at $20.00
Stop Loss at $19.50
Take Profit at $21.60
Risk Reward Ratio = 3.12R
Price is approaching a key support level where we could see a bounce here, in line with our ascending trend line. A break above our descending trend line could give us a further upside confirmation. What are your thoughts on this?
This is an update from my previous post on DBS:
Currently we have a risk free trade trade running on DBS SGX:D05 .
Today I see another opportunity to be bullish, however we have to wait until it retraces to the nearest level.
Big players are in the midst of profit taking from the previous bull run.
Technically: downtrend channel resistance had been breached,...
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...
SGX:D05 is now in the midst of ranging within the downtrend channel and there is no sign of reversal sighted yet.
The overall sentiment is bullish bias and I am expecting the price to fill the Demand Zone at $20.00 or lowest is at $19.45
Thus, overall SGX:D05 is a good buy, but we are waiting for the maximum discount to long this stock.
My personal call: