ADX has risen to 17 coupled with negatively placed DIs and further supports some weakness in the week ahead. Quarterly momentum is hovering around its equilibrium line, and appears poised for a breakdown.
Hints of a depletion of selling will materialise when volume shrinks as prices fall which could occur in the second week of Aug.
Elsewhere, DBS Group Holdings ($19.77) fell sharply and below a support (see chart 3) on July 30, on significantly higher volume, confirming selling pressure, probably from institutions. ADX is at a moderate 21 and its DIs are negatively placed. The stock has also just fallen below its declining 100-day average (at $20.02) in what is viewed as a negative move. The next support appears at $18.40, and the low on Mar 23 was $16.60.
