Technical Analysis: DBS Limited October 14, 2016 25
DBS Ltd – Daily timeframe (Update from 08 Aug 2016)
Current Sentiment: Bearish
Support 1: 14.70 Resistance 1: 15.48
Support 2: 14.50 Resistance 2: 15.70
The failed follow through after the last update caused price to correct further where it was halted off the 61.8% Fibonacci Retracement level.
Subsequently, a new uptrend line was formed which was broken to the downside again on 12/10/16 implying a weakening trend. Moreover, the bearish follow through on 13/10/16 was backed by increasing volume suggests an accelerating bearish momentum is building up.
Expect price to turn back into the long term downtrend next to test the 14.70 support area followed by 14.50.
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Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.