March 3, 2024

DBS: More weakness ahead with support breaking down? Price 24.60

Author: Trading Impossible | Joey Choy
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Over the past few weeks, we have seen tensions between US and China escalating and hence market weakened further..

Some of the banking stocks like DBS were also showing some signs of weakness..

Firstly, they have broken below short term moving averages like the 20 day MA…

AND also key support levels which were holding previously did not manage to hold..

Some downside targets were drawn as a result where we could potentially break the 26.00 last week, see DBS chart below…

First target was to 25.00 and we have already hit that target over the past few days…

Buyers were trying to defend this level and it was holding well last week but…

It seems like they just cannot hold on any longer…

A breakdown of 25.00 seen yesterday and this level also coincides with the 200 day moving average…

Targets were reiterated lower on this bearish price action…

We are pushing lower today with a new low at 24.58..

Well, we can expect some slight support at 24.50, but if that gives way, likely to see next downside target playing out gradually..

Short term trend indicators are still pointing lower for now…  Let’s watch..

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