On 8th July (patreon), I wrote about my potential short on DBS if market played out according to my analysis. This is just a “sharing” post and not a call for you to do anything.
This week I’m re-looking at my piror short positions on DBS and Hongkong land (already exited) and the potential for future short entries. The main reason is due to its correlation with STI.
DBS – Weekly Chart
Since 18 April (the first written date of my short call), market have made not much difference other than retesting the strong weekly resistance level.
It is still trading in a wedge pattern, with a highly probability to break towards ≤ $15.40.
Market accumulation/distribution graph show that people are distributing their prior position (selling off > accumulating positions).
DBS – Daily Chart
Similarly, market on the daily is trading in a wedge pattern, with price above the 100 day average while retesting the bearish trend support channel.