Blue chips rebound, triggered by oversold pressures

OVERSEA-CHINESE BANKING CORP ($9.68) - Bounces off one year low

- On Aug 13, prices rebounded off a one year low

- Resistance appears at $9.83

- Price broke support at $10 indicating target of $9

- Quarterly momentum shows no sign of bottoming

UNITED OVERSEAS BANK ($20.35) - Rebounds off new three year low

- Temporary rebound is underway

- Resistance appears at $20.80

- Eventually after the rebound prices may resume their decline

- Support at $18.50

STARHUB ($3.75) - Could break below one year low

- Prices are retesting their two year low

- If prices break below $3.70 it indicates an objective of $3.45

- Prices could break down for another downwave

DBS GROUP HOLDINGS ($19.02) - Short term rebound off oversold low

- Counter has retained its superior relative strength

- Rebound is unlikely to get much beyond the 200 day moving average

- Quarterly momentum suggests that decline has yet to run its course

- Eventual downside could be at $17.76

SINGAPORE TELECOMMUNICATIONS ($3.98) - Breaks moving average

- Counter has greater relative strength than its sector

- ADX indicates rising probability of a further downmove

- One year low at $3.55 should provide support for this wave

M1 ($3.03) - Rebounds off excessively oversold low

- Temporary bounce is underway

- Resistance appears at $3.20

- Break below support indicates objective of $2.50

- Prices could trend broadly lower before starting to form a base

(Source:  TheEdgeSingapore August 17 2015)