Home Capital Right Timing

No sustained recovery yet for banks and financial institutions

The Edge Singapore
The Edge Singapore 6/30/2022 03:08 PM GMT+08  • 3 min read
No sustained recovery yet for banks and financial institutions
DBS and UOB's share prices could be headed lower providing long term investors an opportunity to accumulate
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Technically, the chart patterns of the local banks and iFAST Corp are pointing to further retreats. Among them, iFAST is the weakest, mainly technically, but also fundamentally. iFAST has formed multiple head-and-shoulder top formations, with the most recent breakdown occurring at around $6.23, indicating a downside of below $3. The breakdowns took place in January and March (highlighted in previous Right Timing columns), despite still-positive outlooks by some analysts and market observers.

Currently, iFAST’s share price is drifting lower, most probably on the way to its target of below $3. These declines are likely to be punctuated by temporary rebounds. At present, the rebounds are getting weaker. Eventually, the declines will get weaker and prices will be ready for stronger rebounds. That point is not at hand yet.

Most long-term investors have a soft spot for banks because of the way they have performed over the past 30 or so years. Even then, during this period of secular uptrends, there have been weeks and months of declines.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now