For the STI, the upmove from the break initially above 3,150 and subsequently the thrice-tested 3,250, had indicated an upside of 3,350 to 3,360. By all accounts, the upmove remains intact despite a sharp retreat. Technically, DBS is clearly the stock with the greater relative strength comparative when measured against the STI and its peers. However, based on the chart pattern, the share price is on an accelerated uptrend which is not sustainable.

Against this background, there is likely to be some form of correction and retreat. While there is minor congestion and hence support at $34.40, DBS is still a long way away from important support-yield-ing moving averages. Its 50-day moving average is currently at $32.42 and prices are a sig-nificant distance away from its 200- day moving average at $29.95. The 200-day moving average position suggests that DBS&rsquo s share price is overbought. Technically, the detrend indicator is based on the spread be-tween the share price and the 200- day moving average, and for DBS this is overextended currently, suggesting that a retreat is likely to materialise sooner rather than later.