Blue chips attempt to stabilise

M1 ($3.24) – A positive divergence develops
- Potential double bottom
- Prices managed to hold at $3.19 to $3.20
- Rebound finds resistance at $3.33


STARHUB ($3.92) – Climactic selling over
- Selloff to new 18 month low caused divergence between price and 21 day RSI
- Prices may settle into a narrow range
- Breakdown level at $4 now serves as resistance level

SINGAPORE TELECOMMUNICATIONS ($4.24) – Gains relative strength
- Prices are forming some sort of base as they retreated from $4.30
- Prices may stay within a narrow range
- Support is at 200 day moving average currently at $4.06

NEPTUNE ORIENT LINES (85 cents) – Temporary rebound in downtrend
- Prices are attempting to establish support at 82 to 84 cents
- Directional movement indicators indicate that the worst decline from $1.20 to 80 cents is over
- Immediate resistance is at 93 cents

SINGAPORE AIRLINES ($10.95) – Attempting to bottom
- Sharp up move on July 2 takes price towards 200 day moving average
- Recovery is probably temporary
- Overall, immediate downtrend has halted
- Support is raised to $10.85


NOBLE GROUP (74.5 cents) – Facing short-term resistance
- This counter has found some sort of support at 64 cents
- Prices are attempting to challenge and move above 50 day moving average
- In short term, prices are likely to retreat
- If 64 cents during retreat phase, it would confirm start of base formation

(Source:  TheEdgeSingapore July 6 2015)