DBS in a channel

Evening all,

I have an analysis of DBS for tonight.

On the weekly chart, I have some fibonacci numbers plotted. Take note of the 78.6% level. That is where DBS has made post-crash highs; it acts as strong resistance for DBS. Right now, price is several percentage points below the $15.00 level. It would be my short-term upward target for DBS. I have a current chart pattern on DBS’s chart as well – an upward parallel channel. As price is at the bottom of the channel, I, as a chartist, have no choice but to be looking for upside in DBS.

Now for a closer look, I have a daily chart for you all.

I do not believe we have seen the last of the mideast crisis – which now seems to be looking like an oil crisis – but as a chartist, I have to see DBS as finding support from a chart pattern, and so look for price to hold steady here. This upward parallel channel looks quite good. Indicators are painting a good picture too. The stochastics is deeming price as being in oversold conditions, and a surge up is imminent. All these get negated if price plunges below the channel; however, I take what I see at present, and I will have to at least expect DBS’s share price to stay around this $14.20 region for the weeks ahead.

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.


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