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)