A bunch of reverse heads and shoulders

DBS GROUP HOLDINGS ($12.49) – Attempting reversal
- A clear reverse head and shoulders formation is developing
- Resistance is at $12.90
- Support has been established at $11.70

KEPPEL CORP ($9.20) – Looks like a reverse head and shoulders
- The reverse head and shoulders formation looks quite prominent
- Prices are keen to attempt a test of neckline at $9.70
- 50 day moving average is at $8.49

SEMBCORP MARINE ($4.10) – Attempting reverse head and shoulders
- Prices appear to be gaining strength
- Top of the right shoulder is at $4.40
- If prices moved sideways for too long, then reversal is deemed to have failed

SEMBCORP INDUSTRIES ($4.15) – A sharp right shoulder
- Quarterly momentum appears to be strengthening
- Break below $3.85 would invalidate the formation
- Resistance is at $4.40

HI-P INTERNATIONAL (61 cents) – Attempting breakout
- Indicators are weak
- Prices in danger of falling below the 50 day moving average at 58 cents
- Support is at 57 cents and resistance is at current levels
- Breakout would indicate a target of 72 cents

ELEC & ELTEK (US$2.90) – Still a way to go
- Prices haven’t form a reverse head and shoulder but may be in process of forming one
- Prices should move within a range to form the right shoulder
- Support is at US$2.90 and resistance is at US$3.04

(Source: TheEdgeSingapore November 7 2011)