DBS bank is the largest company in Singapore with a current market capitalisation of $84 billion. With rising interest rates, net interest income spiked and DBS booked a record FY22 net profit of $8 billion. With this eye-popping profit, DBS has announced an upcoming April dividend of 42c + 50c of special dividend. Forecasting another 3 quarters of 42c dividend, the FY23 dividend yield is projected at 6.7% at the current price of $32.7 (a high yield % that is commonly only seen with Reits)
From the long term chart, we can see that DBS has recovered strongly from the 2020 Mar lows from Covid, and is currently sitting at the support levels of $32+. Another strong support would be around $30, which is also a psychological price support. Resistance level would be around $36+ (3 year highs)
Taking a closer look at the short term chart, we can see that the weekly stochastic oscillator has turned to the oversold regions currently...