Technical Pulse: DBS Holdings Ltd September 9, 2022 154

 

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)

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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