Properties lead the way

CITY DEVELOPMENTS ($11.72) – Breaks down
- Prices fell below 50 day and 200 day moving averages
- Support is at $12
- Breaks below $12.50 indicates target of $11.30
- Break above $12.50 would negate the negative outlook

WHEELOCK PROPERTIES ($1.93) – Building a base
- This counter has drifted sideways or slightly lower
- It is holding at its 100 day moving average and above its 200 day moving average
- Prices are likely to build a base between $1.89 and $1.93

CAPITALAND ($3.68) – Resumes retreat
- Largely underperformed the market and sector
- Near term resistance appears at $3.87
- Support is at $3.60

UOL GROUP ($4.93) – Short pause
- This is the strongest stock in the property sector
- Resistance appears at $5.40
- Initial support is at $5 and $4.71

KEPPEL LAND ($4.52) – Building a top
- The best gains appear to be over
- Prices are now below an upward sloping neckline
- Breakdown indicates a target of $4
- Resistance is at $4.73

ALLGREEN PROPERTIES ($1.13) – Also breaks down
- Prices fell below 50 and 100 day moving averages
- Indicates selling pressure and a possible downtrend
- Breakdown indicates a target of $1.03
- Prices would need to regain $1.16 to negate the negative outlook

(Source: TheEdgeSingapore January 24 2011)