DBS Ltd  – Weekly timeframe (Update from 17 November 16)

Current Sentiment: Bearish

Support 1: 17.62                   Resistance 1: 18.25

Support 2: 16.96                   Resistance 2: 18.48

After 4 consecutive weeks of trending higher, the bullish momentum appears to be exhausted. Price was heavily rejected off the confluence of 61.8% Fibonacci Retracement level and 18.25 resistance area on the week ended 09/12/16 resulting in the formation of a shooting star. Moreover, the shooting star rejection was backed by increasing volume. Price has also failed to close above the 18.00 psychological area on the week signalling some weakness in the background.

Price should head into a correction phase next to test the 17.62 support area followed by 16.96.