DBS – Double Tops!

DBS has formed a Double Tops formation and the neckline at $13.70 has broken. If this Double Tops breakdown is successful, the price target is $12.00.

Things to watch out for a successful breakdown in the next few days:

  • DBS is unable to break the 200D and 20D MA, plus the neckline.
  • The neckline will then turn support into resistance.
  • DBS breaks another support at $13.33.

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This Post Has 9 Comments

  1. 2_to_tango June 7, 2010

    hi… firstly many thanks for all the analysis that you provide. I shall certainly sponsor this website as I have made a resonable amount of money by following your analysis which you post on this site.

    I have a small request to make. Could you please provide your technical analysis on Noble (NOBG.SI)? Just like DBS, even Noble is forming a double top and is a good counter to short sell if it falls below 1.70. However, if you could provide your expert analysis with the price below which its shortable, it will be much appreciated.

    Many thanks in advance !!

  2. Marubozu June 7, 2010

    Glad to hear that you have made money …but I am not a certified stocks analyst. Don’t look for me if I cause you to lose money 🙂

    You may have seen Noble in my previous analysis. https://mystocksinvesting.com/category/singapore-stocks/noble-group/

    Noble bounced from the neckline to test $1.825 (78.6% FR) and 200D MA resistance. If Noble cannot break this resistance and go to $1.70, personally I feel it is safe to short.

  3. 2_to_tango June 7, 2010

    okay thanks for your thoughts about noble and the analysis done previously …. I just need what you think or your opinion because even I think that if it goes below 1.70 with a volume of around 30-35 million then it can be short sold with a target price of around 1.27.

    I certainly wont come after you if the shorting fails and if I loose money. 🙂

  4. Anschluss June 7, 2010

    Hi guys
    sorry for the noob question, but I’m with uobkayhian..how do u short and shortcover on sgx?

    Any additional fees to incur?

    Thanks

  5. Marubozu June 7, 2010

    Sorry Anschluss, I don’t short the shares because the risk is “unlimited”. I buy PUT option to short the shares but only for US shares.

    You can check with your UOB Kayhian broker. Any brokers out there can advise Anschluss?

  6. Anschluss June 8, 2010

    Thanks man.. What do u use to buy put options?

  7. Marubozu June 8, 2010

    I use Option Xpress for US stocks.
    US$15 per trade.

  8. Marubozu June 8, 2010

    Anschluss, not recommended to trade stock with option if you don’t understand options. It is a high risk high gain stock trading method for those who want to look for excitement.

  9. anschluss June 9, 2010

    Thanks..actually im looking more to hedge or to go short. very frustrating not being able to go short when u know the stocks are going down

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