DBS – [ Rebound or Down? ]
Chart Source: Poemsview 23rd April 2020
DBS has been seeing selling in its shares for the past week. It broke down from our uptrend line and also the 5ema which gave us some conviction to alert our CFD clients on this potential analysis. To add further pressure to the already stressed up system, news came out regarding Hin Leong Trading. Many banks were involved in this high profile cases now.
As DBS broke its uptrend line of 19.12, the downward pressure came in and took it down to our first target of $18.50. We saw a slight rebound and a test of the 5ema but DBS failed to gain footing above it.
If DBS can’t close above this in the next few days we might see more downside. Which camp will you be on?
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