Singapore's DBS Group hits near 6-week low; chart suggests more downside

[BENGALURU] Shares of DBS Group Holdings Ltd fall as much as 1.96 per cent to S$23.03, their lowest since Nov 23, 2018.

Stock breaks below a support at S$23.244, the 23.6 per cent Fibonacci projection level of the downtrend from May 2, 2018 high to Nov 21, 2018 low.

This suggests stock may fall up to the next support at S$22.059, the 38.2 per cent projection level.

Stock's wave pattern suggest, it is in the final wave C of a three wave downtrend.

MACD is negative and below its signal line.

Stock down 8.35 per cent in the last three months as at Wednesday's close, compared with a 6.28 per cent fall in the broader index in the same period.

REUTERS