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)