DBS GROUP HOLDINGS ($16.30) - Moving
averages turn positive
- Longer term chart looks positive
- Following break above $15.60 and $16,
counter has confirmed a break above a major base formation
- Support appears at $16
- Directional movement should support the
uptrend
OVERSEA-CHINESE BANKING CORP ($8.98) -
Moving averages strengthen
- Prices are testing a resistance area
- A breakout is a matter of time
- Any retreat should be shallow with
support at $8.75
- Successful break above $9 indicate a
target of $11
UNITED OVERSEAS BANK ($19) - Attempting to
strengthen
- Counter has slightly less relative
strength than the sector
- Prices are near a resistance area at $19
to $19.17
- Prices may ease towards $18.50
- Successful breakout provides objective of
$20.70
SINGAPORE TELECOMMUNICATIONS ($4.23) -
Upmove pauses
- Immediate support is at $4.20
- If prices can hold, they have a better
chance of forming a bull flag
- For this to materialise, prices have to break above $4.32 in the next
two session
- A successful break above $4.32 indicates
a target of $4.67
KEPPEL CORP ($5.58) - Challenging breakout
point
- Prices have been largely trading within a
range since May
- Prices are likely to remain entrenched in
a narrow range
- The level to note is when it moves above
its 200 day moving average
- Breakout would provide a measuring
objective of $6.30 initially and $7 subsequently
WILMAR INTERNATIONAL ($3.11) - Moving
averages turn negative
- Before the price breakdown, the 50 and
100 day moving averages had already turned negative
- If break below $3.17 level is sustained,
a measuring objective of $2.59 is indicated
- Downside would be invalidated if prices
regain the $3.17 level
(Source:
TheEdgeSingapore July 25 2016)
