DBS, which ended the week at $57.06, has broken below its 50-day moving average at $57.18. In addition, both quarterly momentum and 21-day RSI have moved below their own support levels, with RSI dipping below its equilibriun line. The easier phase may well persist. Support appears at $100-day moving average at $55.27, a level that coincides with a support are at $55. Interestingly, DBS is the only bank that has dipped below its 50-day moving average, and looks weaker technically than OCBC and UOB.
Bitcoin traded at US$66,833 on Feb 13, almost unchanged from week ago levels of US$66,238 and chart patterns suggest that the support at US$60,000 is likely to hold. During the week, bitcoin rebounded because its indicators had fallen to oversold lows, with 21-day RSI down at an oversold level of 21. Directional movement was also at extreme negative levels with -DI at -40. While those indicators have rebounded, weekly indicators remain weak. The breakdown of the head and shoulder like top formation was at US$82,527. Resistance for rebounds appears at around US$75,000. Eventually, though, further declines are likely with US$60,000 giving way.
