Banks stuck in sideways trend as finance companies surge

DBS GROUP HOLDINGS ($19.13) – Fatigue could set in

•  Momentum remains above its equilibrium line
• Rising 50 day moving average, a support line, is at $18.92
•  If they do not hold, prices could ease towards $18 breaking the five month uptrend
• Resistance has been established at $19.20
• A break would indicate an upside but is unlikely in medium term

OVERSEA-CHINESE BANKING CORP ($9.70) – Temporary consolidation

• Prices are skirting the still rising 50 day moving average
• Uptrend is over for the time being and prices are locked in a sideways trend
• Although prices may dip below 50 day moving average, the overall uptrend should remain intact
• Resistance is at $9.72

UNITED OVERSEAS BANK ($21.94) – Uptrend stays intact

• Counter appears to have the greatest strength in its market segment
• Resistance is likely to appear at $22.12
• Support is at 50 day moving average support line currently at $21.41

HONG LEONG FINANCE ($2.83) – At extreme overbought level

• Prices are attempting second stage of an accelerated up-move
• On April 5 prices moved out of the sideways range.  The measured move target is $3
• Support is at $2.70
• Move below this level could lead to a top formation

SING INVESTMENTS & FINANCE ($1.545) – Possible up-move

• Prices have moved within a narrow sideway range
• Prices have the potential to break out on the upside.  In this event, it would indicate a target of $1.76
• Support is at $1.52

SINGAPURA FINANCE ($1.115) – Potential to move higher

• Prices are attempting to ready themselves for the next leg of the up-move
• To break out, volume needs to build up by April 10
• Break out would indicate an upside of $1.375
• Break below $1.08 would invalidate the upside support

(Source:   TheEdgeSingapore April 10 2017)