DBS keeps breaking down in small steps...
Updated
Really painful to see a large (relative to Singapore) bank break down slowly like that...
Technically, it reeks of a bearish bias, but is not advancing with commitment. Instead is slowly breaking down the supports, from the trendline to the widening wedge, and yesterday, a critical level to close at a lower low (after a lower high weeks ago).
It is possible for a short bounce to 20.80 now, but downside bias remains, probably to continue after a bit of consolidation, if at all.
As DBS is a main component of the Strats Times Index, STI, there is correlation in the apparent weakness.
Technically, it reeks of a bearish bias, but is not advancing with commitment. Instead is slowly breaking down the supports, from the trendline to the widening wedge, and yesterday, a critical level to close at a lower low (after a lower high weeks ago).
It is possible for a short bounce to 20.80 now, but downside bias remains, probably to continue after a bit of consolidation, if at all.
As DBS is a main component of the Strats Times Index, STI, there is correlation in the apparent weakness.
Note
Market opened just after I posted, and a 3% drop for the morning was registered.This came after news set in that regulators have limited the dividend yield for SG bassed banks.
Now, we see some decent technical commitment!
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