Dow rallies more than 300 points as banks post best day since late March Bank stocks rose at least 2.5 percent, led by Bank of America, Citigroup, Goldman Sachs and J.P. Morgan Chase. The SPDR S&P Bank ETF (KBE) rose 2.3 percent and posted its best day since March 26, when it gained 3.3 percent. Equities also got a boost from stronger-than-expected jobs data released last week, which diverted attention away from a global trade war.(cnbc.com)
Short term wise,I think it may attempt to move up towards $26.50 level.
8th July
Looks like we may see a Gap Up/rebound situation after the selling down last Friday!
Likely to retest $26.00. Crossing over with ease + good volume that may continue to drive the price higher to 26.43 level.
Dividend of $1.20 is giving a yield of 4+% looks quite good .
Not s call to buy or sell.
Pls dyodd.
Downtrend prevail!
Looks like it may likely breaking down the recent low of $26.31 and slide down towards $26.00 which is also coincide with it's 200 days moving average.
Failing to hold on to this support level would be super Bearish!
I think
price could see further selling down pressure and continue to slide down towards 25.00 then 24.50 and below .
14 June 2018
TA wise Looks rather bearish !
It has broken down 100 days moving average and continue to slide further down with high volume.
Short term wise, I think it may continue to go down to revisit 26.28 then $24.95 with extension to 24.38.
Not a call to buy or sell.
I think similar chart patterns are also reflected on the other 2 local bank counters.
Please do your own due diligence.
The 3 local bank counters are having quite similar chart patterns as shown on the daily candlestick chart patterns.
All 3 counter current price are trading below its 20, 50 & 100 days Moving average.
Looks rather bearish!
OCBC Bank:
It has experienced a Gap down on 30th May 2018 from the previous closing price of $12.99 to touch the low of $12.51 before manage to close slightly higher at $12.66 price level.
The current price of $12.53 is staying slightly above its 200 days moving average at about $12.36 level. Breaking down of $12.36 level , it would be super bearish and may likely continue to slide down to test $12.25 then $11.90 with extension to $11.40.
DBS :
Similarly for DBS , it is having a Gap down scenario on 30th May 2018 whereby the price went down to touch the low of $28.140 before closing slightly higher at $28.23 level as compare to previous day closing price of $29.15 level.
Looks rather bearish and it may continue to go lower to test $28.14 then $$27.60 with extension to $26.30.
UOB:
It has gone down to touch the low of $28.16 before closing slightly higher at $28.36 price level as compare to the previous day closing price of $29.29 .
This is rather bearish and the price may likely to go lower to test $28.00 then $27.45 with extension to $26.00.
Not a call to buy or sell.
Please do your own due diligence.
Some discussion about the recent selling down:
Any reason u can think of to cause these drags on all 3 banks after reporting excellent results???
- Like
- about 8 hours ago
Sporeshare
Reply to @AllenYip : I think is kind of selling after result . Moreover bank counter are trading at P/B 1.4-1.6 seems expensive. The correction is healthy.. I think any short rebound due to Dow overnight +219 it might be a GD opportunity to exit /lock in profit. Pls dyodd
limchris8
Reply to @AllenYip : The answer is simple. Fund managers pushing up bank stocks or any stock prices are not here for charity. They would not wait for ordinary investors to take profit before them. As bank stocks reached few 52-week highs, it was natural to take profit thereby causing corrections. Besides, there are too many uncertainties/volatility this year. It is wise to take money off the table. With nice capital gains & dividend, why shouldn't they take profit? Furthermore, the reporting season for banks is over. Wait till the next reporting season, the games will repeat again..
Oversea-Chinese Banking Corporation Limited provides financial services in Singapore, Malaysia, Indonesia, Greater China, other parts of the Asia Pacific, and internationally. The company's Global Consumer/Private Banking segment provides a range of products and services to individuals, including checking accounts, and savings and fixed deposits; housing and other personal loans; credit cards; wealth management products consisting of unit trusts, bancassurance products, and structured deposits; and brokerage services. This segment also offers investment advice and portfolio management, estate and trust planning, and wealth structuring services for high net worth individuals. Its Global Corporate/Investment Banking segment provides project financing, overdrafts, trade financing, and deposit accounts; fee-based services, such as cash management and custodian services; and investment banking services, including financing solutions, syndicated loans and advisory services, corporate finance services for initial public offerings, secondary fund-raising, and takeovers and mergers, as well as customized and structured equity-linked financing services. It serves corporates, public sector, and small and medium enterprises. The company's Global Treasury and Markets segment is involved in the foreign exchange activities, money market operations, and fixed income and derivatives trading, as well as provision of structured treasury products and financial solutions. Its OCBC Wing Hang segment offers commercial banking, consumer financing, share brokerage, and insurance services. The company’s Insurance segment provides fund management services, and life and general insurance products. Its Others segment is involved in property and investment holding activities. As of May 7, 2018, the company operated a network of 590 branches and representative offices in 18 countries and regions. Oversea-Chinese Banking Corporation Limited was founded in 1912 and is headquartered in Singapore.
DBS Group Holdings Ltd, an investment holding company, provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Consumer Banking/Wealth Management, Institutional Banking, Treasury Markets, and Others segments. The Consumer Banking/Wealth Management segment offers banking and related financial services, including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products for individual customers. The Institutional Banking segment provides financial services and products for bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium sized businesses. Its products and services comprise short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; and corporate finance and advisory banking, as well as capital markets solutions. The Treasury Markets segment is involved in structuring, market-making, and trading in a range of treasury products. The Others segment offers stock broking and Islamic banking services. The company operates approximately 280 branches across 18 markets. DBS Group Holdings Ltd was founded in 1968 and is headquartered in Singapore.
United Overseas Bank Limited provides financial products and services. The company’s Group Retail segment provides deposits, insurance, card, wealth management, investment, and loan and trade financing products for personal and small enterprise customers. Its Group Wholesale Banking segment provides financing, trade, cash management, capital markets solutions, and advisory and treasury products and services. The company’s Global Markets segment offers foreign exchange, interest rate, credit, commodities, equities, and structured investment products; and manages funds and liquidity. Its Other segment provides investment management, property, and insurance services. The company has a network of approximately 500 offices in 19 countries and territories in the Asia Pacific, Europe, and North America. The company was formerly known as United Chinese Bank and changed its name to United Overseas Bank Limited in 1965. United Overseas Bank Limited was founded in 1935 and is headquartered in Singapore.