DBS Group Holdings (SGX: D05) last report on 10^th December 2020 has met our price target of $27.10 and the head and shoulder has been invalidated on 17^th Feb 2021 after prices remain above the neckline resistance. To add on further, we have re-evaluated the wave count and decided to switch to the motive 5-wave count instead of the double three corrective waves. Although 161.8% expansion level of wave (1) and (2) has yet to be met. Technical and price action also indicate further bullish upside:

1. Looking at the recent falling wedge and prices gap up above the wedge formation on Thursday, it has further confirmed the bullish strength on DBS.
2. Looking closer, a failed bearish Hikkake was formed after the island reversal/bearish evening star was formed. The bearish three black crows’ candle which was formed from 12^th to 16^th March actually laid foundation to a failed Hikkake pattern. The confirmation came when the bullish piercing line rebounded above the base support at $27.85. Signifying a bullish return.
3. Golden cross remain intact as prices has been trending above the 50 and 200-day moving average.

*Timeline of the trade is 4 weeks from the date issued.

CHART LEGENDS

Moving Average (Exponential)

Red dotted line = 200 Periods Moving Average

Blue dotted line = 50 Periods Moving Average