Banks, blue chips break out

DBS GROUP HOLDINGS ($14.71) - Breaks above resistance

- Quarterly momentum has turned up

- Prices should break above 50 day moving average

- Resistance is likely to appear at $15.80

- Prices have probably bottomed at $13.02

- New support is at $14.00

OVERSEA-CHINESE BANKING CORP ($8.60) - Continues to gain strength

- This is the first bank to test its 100 day moving average

- On March 1, it was the first bank to move above its  book value

- Immediate resistance is at $8.62

- Support should be raised to $8.00 to $8.10

UNITED OVERSEAS BANK ($18.21) - Recovery underway

- Quarterly momentum has broken above its own moving average

- Successful break above $18 would indicate an initial upside of about $19.20

- In the short term, support appears at $18

CITY DEVELOPMENTS ($7.76) - Clears 100 day moving average

- Counter has gained tremendous strength since its result announcement

- Quarterly momentum has broken out of resistance

- Volume expanded when prices moved up

- 100 day moving average at $7.48 should be viewed as new support

- Successful break above $7.78 indicates target of $8.90

GLOBAL LOGISTIC PROPERTIES ($1.85) - Recovery underway

- Prices are attempting to move above 50 day moving average

- Once this resistance is cleared, prices have a clear path towards $2.05

- When prices clear the 50 day moving average, $1.83 level should be the new support

SEMBCORP INDUSTRIES ($3.03) - Recovery underway

- Prices have formed an uptrend following earlier break

- Prices are challenging 100 day moving average

- Could cause prices to pause and consolidate before breaking out

- Overall medium term indicators appear to have bottomed out

(Source:  TheEdgeSingapore March 7 2016)