DBS has traded above the 16.90 resistance turned support level for about 3 weeks but has kind of broken down yesterday on a weaker market closing at 16.76. At this level, you can see that it has also just broken BELOW the 20 DAY MA (Green Line) which it has stayed above for more than a month. This downside breakdown can signal a short term retracement back down, with a near term target of 16.50, 16.20 then 16.00. A break down below 16.00 can see it trade lower to 15.60 which is the 200 DAY MA (Dotted blue line) where it was well supported in June and bounded. Those looking to start accumulate a heavy weight blue chip again can consider around the support levels.
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