Local blue-chips hold their own

SINGAPORE TELECOMMUNICATIONS ($3.31) – Gains relative strength
- Prices broke out of resistance level in July
- Break indicates a target of $3.60
- Support is at $3.18
WILMAR INTERNATIONAL ($5.84) – The comeback kid
- Prices have continued to strengthen since mid July
- Price break above $5.30 indicates an initial target of $5.70 and subsequent target of $6.30
- Support is at $5.70
JARDINE CYCLE & CARRIAGE ($48.90) – Uptrend intact
- Uptrend remains intact
- The next stage for prices would probably be to form a top
DBS GROUP ($14.33) – Breakout indicates new upside target
- Prices have cleared several times tested resistance area
- Break indicates an initial target of $16
- Direction should be upwards
UNITED OVERSEAS BANK ($20.40) – Breakout leads to move up
- Break above resistance at $19.50 indicated a target of $21
- Any retreat is likely to be temporary
- Support is at $20
SINGAPORE AIRLINES ($14.71) – Poised for breakout
- In the short term prices may meet resistance at current levels
- Break above $14.50 indicates an initial target of $16
(Source: TheEdgeSingapore August 1 2011)