DBS closed $8.38 on 24th Mar 09 after hitting an intra-day low of $6.45 on 9th Mar 09. That is a rebound of almost 30% from that low. Sign of toppish already appeared. Stochastic signal is flattening in the overbought region and looking to be cutting down soon. RSI has hit the 70% level just touching the overbought region. At price level of $8.38 DBS is also trading at the upper Bollinger Band limit. Though DI pair is positively spaced in the chart, the ADX signal is around the 20 level which doesn't implies any short-term strength in the upside. DBS is also very close to its 100d EMA level at $8.72 and any upside from $8.38 would be met with resistance at the 100d EMA level. Any pull back might go down to the first level of support at around the $7.40 level, which is the lower Bollinger Band limit. Therefore, at present price level, the risk of a long position in DBS is higher than its rewards.
