Blue chips attempt rebound

FRASER & NEAVE ($7.30) - Breaks out

- Earlier break above moving averages negated the downtrend

- Quarterly momentum has also moved above its own moving average

- Move above $6.90 indicates an objective of $7.50

JARDINE CYCLE & CARRIAGE( $48.88) - Breaks out of downtrend

- Prices moves out of downtrend indicating objective of $51

- Quarterly momentum has moved above its equilibrium line

- Support is at $46

JARDINE MATHESON (US$51.28) - Breaking out of resistance

- Prices have just moved above 100 and 200 day moving averages

- Break has yet to be supported by quarterly momentum

- If quarterly momentum breaks above equilibrium line it could trigger a price breakout with objective of $54.50

SEMBCORP INDUSTRIES ($5.27) - Breaks out

- Quarterly momentum is turning up

- Prices are inching above resistance level at $5.16 to $5.20

- Break above resistance level indicates an objective of $5.80

SINGAPORE TELECOMMUNICATIONS ($3.36) - New high

- Trend has finally resolved on the upside

- Prices are at a new high

- Breakout indicates target of $3.50

- Support is at $3.20

WILMAR INTERNATIONAL ($3.68) - Base formation

- Prices are beginning to form a base

- The top of the base is at $3.78

- ADX and DIs indicate that the worst of the decline is over

- Eventual break above $3.78 indicates an upside of $4.30

(Source: TheEdgeSingapore July 9 2012)