SINGAPORE TELECOMMUNICATIONS ($3.21) – Gains relative strength
- Resistance is at current levels
- Prices remain range bound
- Break above current levels is unlikely
- Support is at $3.04
WILMAR INTERNATIONAL ($5.56) – Bottoming formation
- Prices have moved above resistance at $5.30
- Break above resistance indicates a target of $5.70 which looks attainable
JARDINE MATHESON HOLDINGS (US$54.70) – Uptrend intact
- Trend is upwards
- Resistance is at $56.50
- Break below $52.70 would indicate a downside of $49
DBS GROUP ($14.70) – Facing resistance
- ADX would need to turn up and DIs positively placed in order for breakout to occur. May not occur in the near term
- Support is at $14.40 to $14.50
OVERSEA-CHINESE BANKING CORP ($9.35) – Weakest stock in sector
- Weakest of the bank stocks at the moment
- Prices are likely to move sideways
- Support is at $9.20
- Resistance is at $9.55
UNITED OVERSEAS BANK ($19.52) – Attempting breakout
- Counter appears poised for a breakout
- Breakout level is at $19.50
- Successful break indicates target of $21
- Support is at $19.50 if prices are to start an uptrend
(Source: TheEdgeSingapore July 18 2011)
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