Consolidation phase sets in for property stocks

CAPITALAND ($3.49) – Corrective phase underway
- Prices have broken below the neckline
- Breakdown indicates downside of $3.25
- Corrective phase is underway

FRASERS CENTREPOINT ($1.87) – Retains relative strength
- Temporary retreat could materialise for which support is likely at $1.80
- Unlikely to violate the main uptrend
- Indicators point to consolidation phase
- Resistance is at $1.90

UOL GROUP ($6.83) – Poised for corrective phase
- Quarterly momentum has turned down decisively after breaking neckline
- Although uptrend is intact at present, 50 days moving average could be breached
- Support is at $6.50
- Resistance is at $7.20

CITY DEVELOPMENTS ($10.36) – Likely to ease
- Prices appear poised to break 50 day moving average
- Quarterly momentum has broken down and formed a downtrend
- Thrice tested $9.90 provides momentary support
- If broken, downside is at $8.90

GLOBAL LOGISTIC PROPERTIES ($1.90) – Fatigue could set in
- Quarterly momentum has been declining after peaking in January
- Indicators suggest that upside is very limited
- Resistance is at $2.95
- Support is at $2.81

BUKIT SEMBAWANG ($6.01) – Sideways trend
- Prices are testing the 50 day moving average
- This is likely to be breached
- Volume has contracted noticeably confirming sideways phase
- Immediate range is likely to be limited
- Support is at $5.80
- Resistance is at $6.10

(Source:  TheEdgeSingapore May 22, 2017)

Quality stocks strengthen as banks break out

DBS GROUP HOLDINGS ($20.45) – Temporary pause, uptrend intact

·         Ensuing surge may be followed by a temporary retreat

·         Support should appear at  $20.26

·         Immediate resistance is at $20.83

·         Direction remains upwards

OVERSEA-CHINESE BANKING CORP ($10.26) – Main uptrend to continue

·         Prices look bullish

·         Initial upside from the breakout is at $10.80 and could be as high as $12.80

·         Indicators suggest that uptrend is likely to continue

·         In the short term, prices could correct with support at $9.80

UNITED OVERSEAS BANK ($23.30) – Short-term pause, up-move intact

·         Counter has gained relative strength against the sector

·         Short-term indicators are at the top of their range and temporary retreat is in force

·         Support is at $22.50

·         Breakout indicates target of $24.20 and eventual target of $26.60

M1 ($2.23) – Attempts breakout

·         Prices have moved above 200 day moving average

·         Prices would need to move above $2.29 to underline the breakout

·         Resistance is at $2.29 and breakout indicates target of $2.68

SIA ENGINEERING ($3.86) – Challenging resistance

·         Prices are approaching resistance at $3.86

·         Long term indicators are positive

·         Break above $3.70 gives target of $4.30

·         Any retreat is likely to be temporary with support at $3.74

CAPITALAND COMMERCIAL TRUST ($1.62) – Facing resistance

·         Indicators suggest that prices are likely to move sideways in the near term

·         Support is at $1.60

·         Break above two year momentum equilibrium line should materialize in next month or so

·         Break would indicate a significant upside objective

(Source:  TheEdgeSingapore May 8 2017)

Selected blue-chip laggards attempt breakouts

COMFORTDELGRO ($2.75) - Uptrend underway

- Prices broke out above resistance at $2.60

- Breakout indicates a target of $2.90

- Technical indicators should support the price target

- Any retreat is likely to be mild with support at $2.62

CAPITALAND RETAIL CHINA TRUST ($1.60) - Breaks out of resistance

- Prices broke above resistance at $1.51

- Breakout should indicate an initial target of $1.70

- Indicators are generally positive

- Move towards $1.51 in next two weeks would mean breakout has failed

GENTING SINGAPORE ($1.13) - Uptrend underway

- An uptrend is underway

- Indicators suggest that uptrend is likely to continue

- Significant resistance appears next at $1.43

- Support is at $1.06

ASIAN PAY TV TRUST (52 cents) - Temporary retreat

- Counter surged above the 200 day moving average

- Breakout indicates a target of 60 cents

- Retreat needs to hold at 49 cents

M1 ($2.17) - Challenges major downtrend

- Buying demand for this counter could be returning

- Immediate resistance is at $2.23

- Break would indicate a target of $2.50

- Move below $2.11 would indicate failure

ISDN HOLDINGS (21.5 cents) - Attempts breakout

- Prices are challenging 200 day moving average at 20.8 cents

- Resistance is at 27 cents

- Move below 20.8 cents would imply that the counter is likely to fall back to its narrow sideways range

(Source:  TheEdgeSingapore May 1 2017)