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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
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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.

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