Property stocks continue downtrend

HO BEE LAND ($2.26) - Uptrend intact

- Counter has outperformed its sector

- Consolidation should be followed by a further upmove

- Support is at $2.23 to $2.25

- Earlier break indicated a target of $2.45

UNITED ENGINEERS ($2.22) - Signs of weakness

- Price action points to weakness ahead

- Directional movement has turned up and directional indicators have turned negative suggesting lower levels

- Immediate support is at $2.11

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OUE ($1.525) - Downtrend persists

- Quarterly momentum is in steep retreat

- Immediate downside is at $1.44 to $1.46

- Indicators suggest that immediate downside is limited

- Prices could rebound but range will probably be narrow with resistance at $1.56

BUKIT SEMBAWANG ESTATES ($4.60) - Limited upside

- Short term trend is likely to continue downwards

- Support appears to have been established at 200 day moving average currently at $4.51

- Indicators may trigger a rebound shortly

- Resistance is at $4.70

WHEELOCK PROPERTIES ($1.445) - No rebound yet

- Prices have fallen below moving averages suggesting further weakness

- Prices could retest its January low of $1.36

- Prices are unlikely to fall below $1.36 and should rebound at the first signs of demand

- Resistance is at $1.49

GLOBAL LOGISTIC PROPERTIES ($1.78) - Limited downside

- Indicators suggest that prices are likely to trend lower from current levels

- Immediate support is at $1.73 but this may not hold

- $1.63 is likely to provide substantial support

(Source:  TheEdgeSingapore June 20 2016)

Selected index components could gain strength

DBS GROUP HOLDINGS ($15.49) - Challenging resistance

- Prices are challenging resistance at $15.60

- Range is likely to be narrow with support at $15.12 to $15.15

- Successful break above $15.60 would indicate target of $18.44

OVERSEA-CHINESE BANKING CORP ($8.60) - Attempts to strengthen

- Prices have been unable to move above resistances at $8.60 to $8.70

- Prices are likely to stay within a sideways range

- Prices are at resistance level and could ease towards $8.30

UNITED OVERSEAS BANK ($18.28) - Unable to break out

- Prices were unable to move above confluence of 50 and 200 day moving averages at $18.50

- Break above this level would indicate upside potential

- Short term moves could be mildly lower and support is at $17.95

SIA ENGINEERING ($3.86) - Gaining strength

- Prices are attempting to break resistance at $3.84 to $3.85

- Successful break would indicate an initial up move to $3.97 an eventual target of $4.30

- Technicals look unable to sustain a breakout

- Move below $3.72 would invalidate the bullish outlook

ST ENGINEERING ($3.16) - Weakness could set in

- Quarterly momentum and 21 day RSI have weakened

- Indicators suggest that prices could ease with support at $3.10

- Resistance is at $3.24

KEPPEL CORP ($5.30) - Temporary bounce

- Price pattern looks weak

- Support for downwards drift appears at $5.12 to $5.15

- By $5.12 quarterly momentum would be ready for rebound

- Break above $5.58 would change the dull outlook

(Source:  TheEdgeSingapore Jun 6 2016)