Telcos consolidate as situational plays ease

SINGAPORE TELECOMMUNICATIONS ($3.72) - Could lose strength

- Prices encountered resistance as they moved above $3.84

- Indicators suggest that prices may be under some downward pressure

- Immediate support is at $3.71

- Break below this level is negative suggesting that prices may fall towards $3.40

M1 ($2.61) - Sideways consolidation likely

- Counter appears to be in a better position than the sector

- Support is at $2.59 below which prices may fall to $2.51

- Move below $2.51 would be extremely negative

- Resistance is at $2.62 to $2.63

ASCENDAS HOSPITALITY TRUST (67.5 cents) - A lost cause

- Counter has been building a top since peaking at 81 cents

- Last month prices broke 50 day moving average indicating initial downside of 62 cents

- Resistance appears at 70 cents

STARHUB ($3.29) - Evidence of weakness

- Counter remains relatively weak

- Quarterly momentum is weak and directional indicators are negatively placed

- Prices  are likely to stay under pressure

- Support is at $3.30 and break below would indicate downside of $3.10

- Resistance is at $3.50

GLOBAL LOGISTIC PROPERTIES ($1.95) - Consolidating recent gains

- In short term, counter could lose strength

- Prices may not be able to break $2 in the near term

- Resistance is lowered to $2 from $2.05

GENTING SINGAPORE (84 cents) - Facing resistance

- There are some positive signs from the moving averages

- In short term prices are likely to move sideways  as they approach resistance area

- Support is at 79 cents

- Break above 85 cents resistance would indicate upside of more than $1

(Source:  TheEdgeSingapore April 11 2016)