Chart Source: Poemsview 29th July 2019
DBS reported a better than expected set of results this morning before market open. This caused an initial spike in the price of DBS to our third target of $26.99 which is also the gap resistance area. After a slight overshoot to $27.04 it started to come down on profit taking.
As DBS has been up since mid july traders could have anticipated a better results which they were not disappointed to. While the unsuspecting traders jumped onto the news the seasoned trader might have taken some profits. It is important to read the chart well and not to be greedy at such times. Taking some profit off the table along the way is something we usually do. As DBS is up over $1 since our ALERT to our EXCLUSIVE CLIENTS some profit taking is to be expected.
We’re putting DBS’s resistance at $27 and a strong break might look to cover that gap. Fed is meeting this week to decide the rates. Its something to look out for.
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