Bruised blues break supports

DBS GROUP HOLDINGS ($13.52) – Breaks below support

- Prices broke below the neckline of double top formation

- Eventual downside of $11.80

- Rebound likely to be temporary

OCBC ($8.10) – Breaks below 200 day

- Prices have broken below the 200 day moving average

- However prices have not broken through its double top formation

- Breakdown of double top formation indicates a target of $7

KEPPEL CORP ($8.43) – Hanging on

- Prices is holding above the 200 day moving average

- It has broken the head and should formation at $8.85. Indicates a target of $6

UOB ($18.12) – Breaks below 200 day

- Support is at neckline of double top formation at $17.80

- Any rebound is unlikely to be sustained

- Break below $17.80 indicates target of $15.20

CITY DEVELOPMENTS ($10.34) – At neckline of top formation

- Any rebound at this stage is likely to be temporary

- Break below $10 completes the top formation indicating a target of $8.50

SINGAPORE TELECOMS ($2.82) – Searching for a floor

- Pressure are clearly downwards

- Any rebound is likely to be temporary

- Breakdown level is $2.92 and a break below this level points to target of $2.50

(Source: TheEdgeSingapore May 31, 2010)