Banks, offshore stocks recover

DBS GROUP HOLDINGS ($13.89) - Starts to bottom

- Prices touched $13.02 and has since rebounded

- Volume suggests that lack of sellers rather than stronger buying pressure was pushing prices higher

- Psychological resistance area appears at $14.00 to $14.05

UNITED OVERSEAS BANK ($17.25) - Some selling pressure

- Prices are approaching their January low of $17.02

- Directional movement is not indicating an immediate change in the downtrend

- Earlier break below $18 indicated downside target of $16

- Break above $17.66 would invalidate the negative outlook

SEMBCORP MARINE ($1.70) - Gains strength, breaks out

- Counter appears to be showing greater relative strength than the market

- Volume continues to expand as prices rise

- Prices have broken above 50 day moving average

- Break above $1.5 indicates initial upside of $1.80

- Support is at $1.50

OVERSEA-CHINESE BANKING CORP ($7.94) - Breaks above 50 day moving average

- Clear positive divergence has developed between quarterly momentum and price

- Remains to be seen if there is sufficient momentum for prices to challenge $8.62

- Test of $8.10 is likely soon

KEPPEL CORP ($5.32) - Breaks out of minor bottom

- Decline has been arrested

- Volume is expanding as prices rise

- Break above $5.05 indicates an immediate upside of $5.50

- At this level, overall downtrend would still be in force

- Support is at $5.05

SEMBCORP INDUSTRIES ($2.66) - Testing 50 day moving average

- Prices have now broken out of $2.50 level

- Volume increased steadily a prices started forming white candles

- Break indicates upside of around $2.95

(Source:  TheEdgeSingapore February 22 2016)

Strength amid weakness

JARDINE CYCLE & CARRIAGE ($38.17) - Steady uptrend

- Chart indicates latent strength

- Successful break indicates target of $40.50 and eventual upside of $42

- Positive upmove likely to resume when 100 day and 200 day moving averages forms a positive crossover

- Support is at $36.40

CAPITALAND MALL TRUST ($2.08) - Breaks above 200 day moving average

- Prices have managed to move above confluence of 200 day moving average and resistance area

- Ideally breakout indicates a near term upside of $2.15

- Support appears at $2.01

ASCENDAS REIT ($2.31) - Challenging resistance

- Prices are attempting to move above confluence of resistance and 200 day moving average

- Support appears at $2.27 to $2.30 level

- Successful breakout would indicate a target of $2.60

MAPLETREE COMMERCIAL TRUST ($1.37) - Poised for breakout

- Prices attempted to move above 200 day moving average

- Quarterly momentum is challenging a resistance at its equilibrium line

- Evidence suggests that prices should be able to break above $1.374

- Successful break would indicate target of $1.55

- Support is at $1.31 to $1.32 level

FRASERS CENTREPOINT TRUST ($1.895) - Attempting recovery

- Prices managed to move above 100 day moving average

- Volume is contracting and could deter counter from breaking out

- As indicators turn positive, it should support price upmove towards $1.96

CAPITALAND COMMERCIAL TRUST ($1.35) - Challenging confluence of resistances

- Prices are testing thrice tested resistance level

- Successful break above $1.34 indicates initial target of $1.42 and eventual upside of $1.60

- Support is at $1.30

(Source:  TheEdgeSingapore February 15 2016)