Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
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Technical Update - DSV Rebound potential could be cut short. Strong overhead resistance
Kim Cramer Larsson
Technical Analyst, Saxo Bank
DSV unfolding double bottom rebound picture with a rising wedge pattern. Double bottom pattern has potential to 1,050 but could be cut short and down trend resume
DSV is short-term forming a rising wedge like pattern (two black lines) following a double bottom formation. After DSV closed above DKK 952.40 the double bottom pattern is confirmed indicating a potential target price around and indicates 1,050 as illustrated by the two vertical arrows.
However, the upside momentum could be cut short if DSV is rejected at the upper rising trend line in the wedge and at the 0.382 retracement around 1,000.
55 and 100 SMA’s are declining indicating underlying bearish sentiment which is likely to put a dampener on the upside potential.
However, the real test will be the gap 1,000-1,032.50 from September will be crucial. IF DSV cannot close that gap i.e., close above 1,032.50 the medium-term outlook remains bearish. If DVS slides back and closes below 933 the September low at around 858 could be tested and lower price levels are likely.
Indications of that scenario to play out is if DSV breaks bearish below the lower rising trendline in the rising wedge and RSI gets rejected at the 60 threshold and instead closes below its lower rising trendline.
Medium term DSV has jumped back into the consolidation area back from Q4 2020. Trend is still down and there is no divergence on RSI indicating we could see lower levels.
To reverse this bearish medium-term outlook a close above 1,110 is needed.
Longer-term view. On monthly time period RSI is still above 40 i.e., still showing positive sentiment. A close below 40 will reverse that and could send DSV lower towards DKK 700
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