• Since the stock has fallen below its trading range of S$7.60 and S$10.30 yesterday, we expect more downside for the stock. Based on the trading range breakdown, the minimum downside target of 0.618x is S$5.93-6.00. A break below the recent low of S$6.42 would see the stock test the said levels.
• Weak readings on its indicators do not augur well for the stock. The oversold RSI could prompt a rebound towards the resistances at S$7.00 and S$7.60.
• Sell on strength for now as the stock could still fall to meet the downside target of S$6.00. S$6.60 and S$6.30 are minor support levels. Only a breakout above S$7.60 would negate this bearish outlook.
DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company's services include mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage. DBS Group also acts as the primary dealer in Singapore government securities.
United Overseas Bank (UOB SP; S$8.33) – SELL
• From the looks of the chart, UOB is still bearish. UOB has fallen below its October lows which points to a potential target of S$7.00, based on 1.0x its trading range of S$10.50-14.00. Support is seen at S$8.00, S$7.70 followed by S$7.00.
• The stock is still a sell even though there is potential for a minor rebound due to its oversold RSI. MACD has continued to drift lower.
• Resistance at S$9.30, S$10.00 (gap) and S$10.50 are likely to capped gains for now. Only a breakout above S$10.50 would suggest that this downtrend has ended. Avoid buying until a bottom has formed.
United Overseas Bank Limited offers a full range of commercial banking and financial services. The Company offers private banking, trust services, venture capital investment, merchant banking, brokerage services, insurance, fund management, derivatives trading, precious metal trading, factoring, hire purchase, and life insurance.
Ascott Residence REIT (ART SP; S$0.37) – SELL
• Ascott REIT has fallen below its October lows which suggest that more selling pressure could pick up soon. A break below the S$0.35 support could see the stock fall to S$0.30 next.
• The stock is still a sell despite an oversold RSI. MACD has turned positive suggesting that a minor rebound could take place.
• Nevertheless, the rebound would unlikely be strong with strong resistance seen at S$0.41-0.43. Only a breakout above S$0.48 would cancel out this bearish outlook.
Ascott Residence Trust services residence units internationally in key cities of Europe, Asia Pacific, and the Middle East. The Company offers upper-tier serviced apartments throughout the United Stated through a marketing alliance.
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