Property stocks strengthen as recovery takes hold

CAPITALAND ($3.08) - Starts to form uptrend

- Prices could start to form an uptrend

- Quarterly momentum has broken out of a double bottom

- Counter should start to form higher lows on its retreats and higher highs during rallies

- New support is at $2.98 to $3.00

CAPITALAND COMMERCIAL TRUST ($1.39) - Forming base

- Chart appears to be in a bottoming process

- Indicators suggest that prices are likely to form an uptrend

- Resistance is at $1.44

- Support is at $1.35

CITY DEVELOPMENTS ($8.23) - Needs to catch up

- Counter has lagged the sector as prices have not formed a base

- Quarterly momentum may be forming a base

- Immediate is at $8.42.  A successful break provides impetus to test $9.00

- In near term prices may be range-bound between $8.24 and $8.05

GLOBAL LOGISTIC PROPERTIES ($2.30) - Gains strength

- Looks like strongest counter in the sector

- Quarterly momentum gained tremendous strength

- Immediate breakout level is at $2.32

- Break above this indicates target of $2.70

- Only negative is the relatively low volume

UOL GROUP ($6.73) - Gains significant strength

- One of the strongest counters in its sector

- Counter has just moved above its 100 day moving average

- Next notable resistance is at $7.00

- Temporary retreat is overdue, support appears at $6.50

WING TAI HOLDINGS ($1.765) - Facing resistance

- Price chart is not as positive as the sector's leaders

- No presence of any positive divergence with quarterly momentum

- Resistance is at $1.82

- Support is at $1.72

(Source:  TheEdgeSingapore October 19 2015)

Situational stocks continue recovery

SEMBCORP INDUSTRIES ($3.73) - Challenging 100 day moving average

- Prices testing the neckline of what looks like reverse head and shoulder formation

- Quarterly momentum is rising

- Successful breakout indicates target of $4.48

- In short term prices may pause and consolidate temporarily

SEMBCORP MARINE ($2.53) - Forming base

- Prices are currently in a resistance area

- White candle days have been accompanied by volume expansion

- Quarterly momentum appears set to strengthen

- Successful break above $2.55 indicates initial upside of $2.90 to $3

KEPPEL CORP ($7.16) - Testing top of base

- Prices appear poised to sustain a break above 50 day moving average

- Successful break above $7.25 would indicate target of $8.10

- This indicates potential and is not immediate upside

EZION HOLDINGS (70 cents) - Challenges 50 day moving average

- Counter has lagged recovery of the big caps

- Prices have managed to test the 50 day moving average at 71 cents

- An eventual break above this level would indicate an upside of 88 cents

- Indicators suggest that decline is over and slow recovery is starting

NEPTUNE ORIENT LINES ($1.04) - Poised for a further breakout

- One of the strongest counter in its sector

- Indicators suggest that an uptrend is underway

- Break above $1 provides impetus for prices to test $1.17

- Breakout indicates a target of $1.25

- Support is at 96 cents

WILMAR INTERNATIONAL ($2.82) - Facing resistance

- Directional indicators are turning positive

- Quarterly momentum has no clear trend although short term direction is upwards

- Prices are likely to meet resistance at $3

- Support is at $2.45 to $2.50

(Source: TheEdgeSingapore October 12 2015)

Banks pummelled, non-bank stocks recover

DBS GROUP HOLDINGS ($16.27) - Rebounds off oversold low

-  Quarterly momentum is still on a downtrend

-  Temporary rebound is underway

-  Likelihood that prices have bottomed is low

- Minor support has been established at $16.08

OVERSEA-CHINESE BANKING CORP ($8.80) - Rebounds off August low

- Prices rebounded off twice tested $8.70 level

-  Selling pressure has not completely dried up and prices could break below $8.70

- Resistance for rebound appears at $9.10 to $9.11

UNITED OVERSEAS BANK ($18.60) - Rebounds off oversold low

- Current rebound is likely to meet with resistance at $19.50

- If prices are able to rally towards $19.50, quarterly momentum will be able to display a positive divergence with price

GOLDEN AGRI-RESOURCES (33.5 cents) - Gains strength

- Prices appear to have moved about 4 times tested resistance at 31.8 cents

- Indicators suggest that prices should also be able to strengthen

- Resistance appears at 36 cents

- Support is at breakout level of 35.2 cents

FRASER AND NEAVE ($2.15) - Moves above 50 day moving average

- Counter has moved above 50 day moving average

- Has formed a chart pattern that could turn out to be a reverse head and shoulder pattern

-  Neckline is at $2.10 and break above $2.10 indicates target of $2.42

CAPITALAND COMMERCIAL TRUST ($1.32) - Starts to stabilise

- Prices are challenging 50 day moving average

- Quarterly momentum may have bottomed

- If prices hold at $1.30 in next three sessions, they should be able to move above 50 day moving average for test of $1.44

(Source:  TheEdgeSingapore October 5 2015)