DBS (technical)

DBS: the recent breakaway gap below the $16.20 support-turned-resistance bodes negatively for the medium term trend, and is reinforced by the key moving averages all posturing for an extended downward slide. Near term, keep an eye out for opportunity to sell into strength. The key indicators suggest oversold conditions, and share price may be poised for a small bounce off the $15.80 support (Aug ’13 trough). Expect an attempt for share price to retrace halfway back toward the 200 day moving average ($16.20 level) , before resuming its downward trend.