- Prices are likely to face resistance at $16
- Bounce was triggered by upturn in short term indicators
- Quarterly momentum continues to decline
- Support is at $15.20
OVERSEA-CHINESE BANKING CORP ($9.82) - Rebounds off support
- Prices should rebound from support at $9.80
- Dead cross between 50 day and 100 day moving averages is likely to provide resistance
- ADX is falling, prices would at best trend sideways.
UNITED OVERSEAS BANK ($20.07) - Challenging resistance
- Prices have bounced off 200 day moving average
- Resistance is at $20.15 to $20.20
- May turn out to be a trading range for counter
- Decline would be temporary but upside remains limited
SINGAPORE TELECOMMUNICATIONS ($3.66) - Set to retreat from resistance
- Prices are attempting to form a base
- Break below $3.60 would trigger next leg of downmove
- If momentum breaks down and coincides with break below $3.60 counter could move below $3.50
- Resistance is at $3.80
ST ENGINEERING ($4.06) - At resistance
- Rebound phase is facing a hurdle
- Resistance is at $4.20
- Support is raised to $3.84
CITY DEVELOPMENTS LTD ($10.66) - Attempting base formation
- Counter managed to gain strength
- Resistance appears at $10.81 to $10.94 range
- Immediate support is at $10.50
(Source: TheEdgeSingapore July 8 2013)
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