Blue chips attempt to bottom

DBS GROUP HOLDINGS ($14.24) – Rebounds off support
- Resistance is at $14.50
- Strong trend is unlikely
- Based on current technical evidence, a break above $14.50 is unlikely

OVERSEA-CHINESE BANKING CORP ($9.30) – Develops downtrend
- Prices broke below the double top at $9.42 indicating a downside objective of $8.50
- There is a temporary rebound in force
- Resistance appears at $9.42 to $9.50 range

UNITED OVERSEAS BANK ($18.54) – No clear trend
- The post-tsunami decline halted at $18 establishing a level of support
- Resistance is at $18.90 to $19
- There is a chance of rebound by prices to the resistance level

SINGAPORE EXCHANGE ($7.75) – Approaching resistance
- Significant resistance appears at $8
- ADX is turning down indicating the start of a ranging phase
- Counter is set to ease and support has been established at $7.27

WILMAR INTERNATIONAL ($5.30) – Finding a bottom
- Downtrend may have found a temporary floor at the $5 level
- Prices are likely to move within a sideway range
- Resistance has been established at $5.40

SINGAPORE TELECOMMUNICATIONS ($2.92) – Resistance at hand
- For the past year, this counter has been ranging sideways
- Support has been established at $2.85
- Prices are likely to ease towards support soon

(Source: TheEdgeSingapore March 28 2011)