Property stocks recover

CITY DEVELOPMENTS ($11.64) – Not a convincing formation
- Prices are attempting to form a reverse head and shoulder pattern
- There is insufficient volume to support a breakout
- Resistance at $11.96
- Support is at $11.20

CAPITALAND ($3.41) – Reverse head and shoulder
- Counter displays an almost textbook reverse head and shoulder formation
- Breakout took place at the neckline at $3.38
- A successful break indicates an initial target of $3.90

CAPITAMALLS ASIA ($1.86) – Breaks out of base
- Stock attempted to form a reverse head and shoulder pattern
- There was a simultaneous break above $1.80
- Breakout indicates an initial target of $2.04
- Occasion for some strength may be at hand

KEPPEL LAND ($4.53) – No follow-through
- Prices managed to rebound from a low of $4.01
- Immediate support is at $4.33

UOL GROUP ($4.89) – Facing resistance
- Upside is likely to be limited
- Resistance is at $5.05 to $5.06 range
- Better entry point is at the support of $4.70

YANLORD LAND GROUP ($1.63) – Attempting recovery
- Broke out of a minor double bottom formation at $1.50
- Support is at $1.50
- Counter has gained relative strength against the sector and market despite being an S-chip

(Source: TheEdgeSingapore April 11 2011)