DBS Group Holdings Ltd (SGX: D05) Upside is set to continue with breakout of the consolidation triangle as:   

1. The bullish pinbar candlestick formed on 8 September with a breakout of the consolidation triangle resistance at 32.70 following a bull flag prior to that which provides a bullish signal for the uptrend to continue.
2. The bullish crossover of the faster 5-day moving average (MA) over the slower 10 & 20-day moving averages (MAs) at the consolidation triangle resistance area point towards a bullish upside.
3. This is coupled with a bullish crossover of the Relative Strength Index (RSI) tehnical indicator over its 14-day moving average (MA) which provides a bullish signal.
4. Price could reach resistance zone 1 at 33.60-34.40 before heading towards resistance zone 2 at 35.00-36.30 where the 5-wave Elliot uptrend wave using .618% extension area of the first wave (29.45-30.73) & third wave (29.62-33.63) combined measured against the swing low (31.88) in the fourth wave presents a wave 5 target of 35.15.

*Expected timeline of the trade is 13 weeks from the date of report issuance.

CHART LEGEND

Red box = Resistance zone

Green box = Support zone

Blue line = 5 day moving average (MA)

Orange line = 10 day moving average (MA)

Green line = 20 day moving average (MA)