Local blue chips build base formations as Hong Kong hotels surge

SINGAPORE POST ($1.305) - Forming a base

- Signs are emerging that prices have lost downside momentum

- During the next two weeks, prices may continue to build a base

- Immediate resistance is at $1.32

- Support is at $1.23

- Break above $1.32 would provide impetus to test $1.44

SINGAPORE TELECOMMUNICATIONS ($3.77) - Locked in sideways range

- Prices are fluctuating around the 50 day moving average

- ADX suggests that prices are likely to remain rangebound

- Prices need to break above $3.84 to form an uptrend

SINGAPORE PRESS HOLDINGS ($3.20) - Stabilises at oversold lows

- Clear downtrend for the past 18 months may be approaching a low point

- The immediate trend is likely to be sideways

- Price resistance appears at $3.27

- Support has been established at $3.13

SINGAPORE EXCHANGE ($7.40) - Could strengthen

- Prices have been moving within what could turn out to be a minor base

- Breakout level for price is at $7.47

- Successful breakout indicates an upside of $7.70

- Support has been established at $7.29

SHANGRI-LA ASIA (HK$ 13.34) - Uptrend to continue

- Prices are on an extended uptrend that has yet to start accelerating

- Prices broke out of HK$11.50 setting a target of HK$17

- Support should be kept at HK$12.80

MANDARIN ORIENTAL INTERNATIONAL (US$2.04) - May run out of steam

- There is a pause in the accelerated upmove

- Immediate upside is probably limited

- If prices are forming a second bull flag, they need to break out of US$2.04 immediately

- Break below US$2.01 would invalidate the bull flag, in which event support appears at US$1.80

(Source:  TheEdgeSingapore June 26 2017)