Property stocks fall earthwards

CITY DEVELOPMENTS ($12.34) – Breaks double top
- Prices broke below double top at start of the week
- Breakdown indicates target of $11.60
- Resistance is at $13

CAPITALAND ($3.73) – Downtrend in force
- One of the weakest in the property sector
- Technicals point to a temporary rebound
- Resistance appears at $3.80 and $4
- There is some support at $3.70 but more meaningful support appears at $3.50

ALLGREEN PROPERTIES ($1.16) – Testing support
- Prices are testing support at $1.16
- Break below $1.16 cannot be ruled out. If it breaks, it would indicate a target of $1
- Resistance is at $1.20

KEPPEL LAND ($4.63) – Retreat under way
- Strongest counter in a weak sector
- Initial support is at $4.38
- Inability to test $5 would set the counter up for a top formation

WING TAI HOLDINGS ($1.75) – At support
- Prices are testing support at $1.72
- Breakdown would indicate a target of $1.56
- Resistance is at $1.85

SC GLOBAL ($1.60) – Poised for a breakdown
- Prices look set to sink
- Support is at $1.55
- A breakdown through support would indicate a target of $1.35
- Resistance is at $1.67

(Sources: TheEdgeSingapore November 29, 2010)