Date: September 20, 2024
Broker: CGS International Securities

Company Overview

DBS Group Holdings Limited and its subsidiaries offer a variety of financial services, including mortgage financing, lease and hire purchase financing, nominee and trustee services, funds management, corporate advisory, and brokerage. The company also serves as the primary dealer in Singapore government securities.

Technical Buy Recommendation

DBS Group Holdings Ltd is recommended as a “Technical Buy” by CGS International Securities. The company’s stock is showing strong signs of a bullish uptrend and is expected to see further upside.

Entry and Support Levels

• Entry Prices: 38.50, 36.20, 34.50
• Support Levels:
  • Support 1: 37.90
  • Support 2: 36.20
• Stop Loss: 31.85

Resistance Levels and Target Prices

• Resistance Levels:
  • Resistance 1: 40.80
  • Resistance 2: 44.52
• Target Prices:
  • Target Price 1: 41.96
  • Target Price 2: 42.14
  • Target Price 3: 43.32
  • Target Price 4: 46.35

Key Technical Indicators

1. Price Momentum: DBS’s price action indicates a bullish momentum, with the stock breaking above the new high and a bullish bar closing above the S$38.00 psychological level.
2. V-Shaped Formation: A V-shaped recovery has been confirmed, indicating strong upward momentum.
3. Ichimoku Indicators: Prices are trending above all Ichimoku indicators, forming three bullish golden crosses.
4. MACD: The MACD and its signal line remain steady above the zero line, with the histogram also in positive territory.
5. ROC: The 23-period Rate of Change (ROC) has risen above the zero line, signaling upward momentum.
6. Stochastic Oscillator: The oscillator is rising above the 50-level, further supporting bullish momentum.
7. Directional Movement Index (DMI): The DMI confirms strong bullish strength.
8. Volume Expansion: There has been a healthy expansion in volume, reinforcing the positive trend.

Analyst Contact

• Analyst: Chua Wei Ren, CMT
• Phone: (65) 6210 8612
• Email: weiren.chua@cgsi.com

DBS Group Holdings Ltd continues to demonstrate strong upward momentum with technical indicators aligning for a potential rise in price, supported by robust volume and positive market sentiment.