Binni Ong wrote a post · Feb 16, 2024 10:55

DBS - target reached, at resistance now. Will the price break all-time high?

In the earlier posting: DBS Q4 results - why investors are liking it (for now), I said that:

Price is trading above 32.30 which is a short-term resistance level. The implication is that the price has broken out of this supply and should see a further rise towards 33.50.

$DBS (D05.SG)$ today is trading at 33.62 as of posting.

Let’s talk about how you can use these levels.

These are key support and resistance levels and can be used as a reference for entry and exit.

E.g. 32.30 once broken out of this resistance, the level becomes a support for entry.

While 33.50 is a resistance and can be used as an exit for a long position.

What’s up now?

DBS - target reached, at resistance now. Will the price break all-time high?

$DBS (D05.SG)$ is now at the top of the range. Even if I mark an ascending triangle, this pattern doesn’t always result in a bullish price movement. Often, there is always a possibility of a wash and rinse (like a fake breakout).

What I like to do is to buy during a price correction before the breakout (e.g. an entry at 32.30) and hope that there is a break. If not, then I would still be able to exit at a profit.

And if there should be a failure in the breakout, I will update again.

Hit the follow me button to receive updates on key levels and my trades.

Short-term tradeable instruments on DBS (bullish):

$DBS 5xLongSG250716 (DROW.SG)$

$DBS 5xLongUB250530 (SNVW.SG)$

$DBS MB eCW240724 (SGEW.SG)$

Short-term tradeable instruments on DBS (bearish):

$DBS MB ePW240902 (RJAW.SG)$

$DBS 5xShortSG250226 (DEOW.SG)$

$DBS 5xShortUB250530 (GPSW.SG)$

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