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)