SG Banks Analysis: Can We Still See More Upside for DBS, UOB and OCBC? (New Support Found!)

Thursday, December 10, 2020

After rebounding from their lows last month on vaccine talks, we have seen the 3 local banks pushing almost back to pre pandemic levels. 🏦

All of them have traded to new 8 month high and then some obstacles came back.

Joey here, Top Tier Remisier in Phillip Securities.

So is the upside really over for the banks or 𝐜𝐨𝐮𝐥𝐝 𝐢𝐭 𝐣𝐮𝐬𝐭 𝐛𝐞 𝐭𝐡𝐞 𝐛𝐞𝐠𝐢𝐧𝐧𝐢𝐧𝐠 𝐨𝐟 𝐚𝐧 𝐮𝐩𝐭𝐫𝐞𝐧𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞𝐦? 👀

Well, it depends if some of these key supports are holding.

There are also some 𝐛𝐮𝐥𝐥𝐢𝐬𝐡 𝐬𝐢𝐠𝐧𝐬 𝐬𝐞𝐞𝐧 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐢𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫𝐬 which you want to note too. 😅

Watch this video as I dive into the charts for each of them to see where we are now and also where some selling can happen again.

You can also think about locking in some profits there given the rise we have seen over the past few weeks.