Banks suffer selldown

DBS GROUP HOLDINGS ($12.98) – A downtrend
- Prices appear poised to break down below neckline
- Breakdown level is $13.50 and indicates a target of $11.50

OVERSEA-CHINESE BANKING CORP ($8.56) – Double top
- Prices are breaking down below double top formation at $8.60
- Breakdown indicates a target of $6
- Rebound is likely to find resistance at $8.60

UNITED OVERSEAS BANK ($17.80) – The last shoe to fall
- Prices appear poised to break support at $17.20 to $17.50
- Breakdown indicates a target of $14

SINGAPORE AIRLINES ($10.61) – Approaching the bottom
- Short term oversold readings may trigger a rebound to $11
- Overall direction is still downwards
- Technical indicators are still negative

KEPPEL CORP ($8.47) – Breaks neckline support
- Head and shoulders top is evident
- Breakdown level is at $10
- There is some support at $7.67

JARDINE CYCLE & CARRIAGE ($43.59) – Long-term uptrend intact
- Short term oversold readings could trigger a bounce to $47
- Significant support appears at $38.90

(Source: TheEdgeSingapore August 29 2011)

Nowhere to hide

KEPPEL CORP ($8.86) – Breaking a top
- Short term indicators are oversold
- Downtrend is likely to develop
- Break below the neckline indicates a target of $8

NOBLE GROUP ($1.44) – Still a long way to fall
- Decline looks likely to accelerate
- Resistance likely be at $1.60
- There could be some stoppage as prices approach $1

SEMBCORP INDUSTRIES ($4.09) – Downside overdone
- Heavily oversold short-term stochastics could trigger a temporary rebound
- Resistance is at $4.50
- Trend is likely to be downwards
- Break below the top formation indicates a target of $3.77

SEMBCORP MARINE ($4.15) – Temporary bounce possible
- Temporary rebound is likely
- Downtrend set to continue subsequently
- Support appears at $3.60

GENTING SINGAPORE ($1.68) – Breaks neckline support
- Prices broke below the neckline indicating target of $1.30
- Quarterly momentum is only just breaking down
- Any rebound is likely to be temporary
- Resistance appears at $1.80

FRASER & NEAVE ($5.39) – Stronger than market
- Prices are trending lower
- An earlier break below $6 indicates target of $5.40 and $5
- Resistance is at $6

(Source: TheEdgeSingapore August 15 2011)