Warrant of the day: DBS (JM4W and JM3W)

DBS remains in downside correction mode. The stock hit a fresh low for the move on Friday after it had consolidated the recent down thrust in a tight range the prior sessions. It managed to hold the 14.00 level on a closing basis, however. Yesterday it showed strength and recovered slightly back into the prior range. The short-term bearish bias remains valid unless resistance at 14.50 is cleared. Solid resistance is seen at 14.85/15.00. A break above 15.28 would negate the mid-term bearish trend and point to a test of the peak at 15.80. A close below 14.00 on the other hand would likely resume the sell off towards an initial target near 13.30 and then 12.90. Potential mid-term downside target would be around 11.16.