Blue chips attempt rebound

FRASER AND NEAVE ($6.55) – Rebound in a downtrend

-         Downtrend is quite clear

-         Dead cross between 50 and 100 day moving averages is likely to limit rebounds

-         Clear break below 200 day moving average would cause the decline to accelerate

CITY DEVELOPMENTS ($9.96) – Attempting rebound

-         Sharp decline is over for now

-         Resistance is at $10.50

-         Support is at $9.80

-         Sideways range could imply that prices are attempting to form a bottom

SINGAPORE TELECOMMUNIATIONS ($3.12) – Rebound in force

-         Price volatility continues

-         $3.11 to $3.12 level is likely to provide resistance on any rebound

-         Prices are likely to remain rangebound

-         Support is at $3.04

JARDINE C&C ($43.60) – Resistance at hand

-         Prices are in a rebound stage

-         Prices fell below a larger top at $44 indicating an eventual target of $38.

-         Breakdown level of $44 is likely to provide resistance

SINGAPORE EXCHANGE ($6.19) – Limited downside

-         There could be limited downside from now on

-         It may be that the $6 support holds and prices start a base formation

-         Resistance is at $6.35 level and the dead cross between 200 and 100 day moving averages will cap rebound

JARDINE MATHESON (US$48.79) – Meeting resistance

-         Prices have further to fall

-         Break below US$48 indicates a downside of US$43.20 initially and US$42 subsequently

(Source:  TheEdgeSingapore June 11 2012)