Singapore Banking sector (OCBC, UOB, DBS)

Not sure if you guys noticed, all the 3 banking stocks are very very close to their 52 weeks high. All of them tried to test the high before.. but did not succeed. RSI signals are showing signs off them approaching the overbought region too. We can look to see if the Bollinger mid band (20 days moving average) can serve as a support for these counters… 200 days moving average, still uptrending.

52 weeks high

OCBC – $10.53 (Barely grazing the top)

UOB – $24.24

DBS – $20.02

My gut feel tells me that current prices will range for a short period of time, forming new support before embarking on a new uptrend.

Banking

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