DBS has been ranging and attempting to break the 20.00 psychological resistance level for some time and since the price has been hovering around the high 19.00 after the third tries. We expect a strong upside again as the resistance has been weakened. Also, the morning star formation near 38.2% Fibonacci level indicates a "shortfall" of the triangle or range, hence the strong upside is high.
Should 20.00 breaks, the next price level to be tested is near 21.07 region highlighted in red.
what do you think is the price target for this upward move? it is currently at 21.74.
kaileong
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The worry is that the other 2 local banks OCBC and UOB do not have this pattern, and it would be strange to see the 3 banks not moving in the same direction.
Something's going to have to give soon