Dear readers, DBS, OCBC and UOB stocks were among the closely-watched Singapore stocks last year as the trio helped the Straits Times Index (STI) to rally to greater heights. This is not surprising as the almost half of the STI are attributed to the three banking stocks.
Now, with the geopolitical tensions surrounding US, Iran and Israel, DBS, OCBC and UOB stocks are now trending lower, similarly with many other stocks.
Based on the technical charts, I would like to share with readers the latest developing surrounding these three banking stocks.
DBS stock: DBS stock is currently Oversold as its Relative Strength Index is now below 30. As at this time in writing, DBS stock is at $54.31. The 200-days moving average of DBS stock, also at this point in writing is around $52 and thus I am interested in whether DBS stock will continue to decline by around 4.3% to reach below the aforementioned moving average. This is because if a stock price is to reach below 200-days moving average, technically the stock is in a longer downtrend.
OCBC stock: the stock is currently not Oversold but it is likely that we may also be seeing the start of a downtrend given that the same macro factors affect banking stocks. At $20.46 per share, the 200-days moving average of OCBC stock is $18.05. And this means that the stock still has quite some distance (of around 12% decline) before it goes below the 200-days moving average to be in the longer downtrend zone.
UOB stock: similar to OCBC stock, UOB stock is not yet Oversold. However unlike DBS and OCBC, UOB stock is already trading below its 200-days moving average. It is anyone’s guess whether UOB has entered a longer-term downtrend based on the technical charts.
That’s it, for my analysis today. Always remember to do your own due diligence when it comes to investing! Also, if you are interested in Singapore Properties as well, I will much appreciate if you can support and subscribe to a property Youtube channel which I have recently launched. This channel is call SG Property Explained and it all about the explanation in simple terms all about buying and investing in Singapore properties. I will also be grateful if you can share this property channel with your family, relatives and friends so that more will benefit. Have a Great Day ahead!