Telcos consolidate as situational plays ease

SINGAPORE TELECOMMUNICATIONS ($3.72) - Could lose strength

- Prices encountered resistance as they moved above $3.84

- Indicators suggest that prices may be under some downward pressure

- Immediate support is at $3.71

- Break below this level is negative suggesting that prices may fall towards $3.40

M1 ($2.61) - Sideways consolidation likely

- Counter appears to be in a better position than the sector

- Support is at $2.59 below which prices may fall to $2.51

- Move below $2.51 would be extremely negative

- Resistance is at $2.62 to $2.63

ASCENDAS HOSPITALITY TRUST (67.5 cents) - A lost cause

- Counter has been building a top since peaking at 81 cents

- Last month prices broke 50 day moving average indicating initial downside of 62 cents

- Resistance appears at 70 cents

STARHUB ($3.29) - Evidence of weakness

- Counter remains relatively weak

- Quarterly momentum is weak and directional indicators are negatively placed

- Prices  are likely to stay under pressure

- Support is at $3.30 and break below would indicate downside of $3.10

- Resistance is at $3.50

GLOBAL LOGISTIC PROPERTIES ($1.95) - Consolidating recent gains

- In short term, counter could lose strength

- Prices may not be able to break $2 in the near term

- Resistance is lowered to $2 from $2.05

GENTING SINGAPORE (84 cents) - Facing resistance

- There are some positive signs from the moving averages

- In short term prices are likely to move sideways  as they approach resistance area

- Support is at 79 cents

- Break above 85 cents resistance would indicate upside of more than $1

(Source:  TheEdgeSingapore April 11 2016)

Banks consolidate as offshore stocks weaken

DBS GROUP HOLDINGS ($15.38) - Could lose relative strength

- Continues to lose relative strength against its sector

- Prices appear poised to "cross" below 100 day moving average

- Sign that the upmove is likely to fade is volume contraction as prices rose

- One saving grace is upturn by the 50 day moving average

UNITED OVERSEAS BANK ($18.87) - Sideways consolidation likely

- Prices may succeed in holding above 100 day moving average

- Quarterly momentum has stabilized

- Immediate moves are likely to be range-bound between $18.61 and $19.23

- Resistance is at $19.23

- Break below $18.61 would cause prices to weaken significantly

KEPPEL CORP ($5.83) - Weakness sets in

- Prices appear poised to fall below 100 day moving average

- Indicators suggest that prices are likely to move within a sideways range rather than fall sharply

- Beak below $5.89 would cause prices to drift towards $5.50

- Recovery should resume after a week or two of sideways consolidation

OVERSEA-CHINESE BANKING CORP ($8.84) - Consolidation to continue

- Prices had moved above 200 day moving average

- Prices may consolidate further

- Break below $8.80 - $8.83 level could cause quarterly momentum to break below its support

- Resistance is at $9.12

- Counter continues to display greater relative strength than the sector

CITY DEVELOPMENTS ($8.17) - Continues to gain relative strength

- Counter continues to gain strength against its sector

- 50 and 100 day moving averages are about to form a positive cross

- Prices are currently testing 200 day moving average.  Break would reinforce bullish outlook leading to upside of $8.50

- Support is at $7.80 to $7.85 range

SEMBCORP INDUSTRIES ($3.02) - Could continue to ease

- Prices are likely to ease in the next week or so

- Indicators suggest a sideways range rather than a precipitous decline

- Volume is expanding as prices decline, hinting at marginal selling pressure

- Prices are unlikely to move below $2.73

(Source:  TheEdgeSingapore April 4 2016)

Banks, blue chips break out

DBS GROUP HOLDINGS ($14.71) - Breaks above resistance

- Quarterly momentum has turned up

- Prices should break above 50 day moving average

- Resistance is likely to appear at $15.80

- Prices have probably bottomed at $13.02

- New support is at $14.00

OVERSEA-CHINESE BANKING CORP ($8.60) - Continues to gain strength

- This is the first bank to test its 100 day moving average

- On March 1, it was the first bank to move above its  book value

- Immediate resistance is at $8.62

- Support should be raised to $8.00 to $8.10

UNITED OVERSEAS BANK ($18.21) - Recovery underway

- Quarterly momentum has broken above its own moving average

- Successful break above $18 would indicate an initial upside of about $19.20

- In the short term, support appears at $18

CITY DEVELOPMENTS ($7.76) - Clears 100 day moving average

- Counter has gained tremendous strength since its result announcement

- Quarterly momentum has broken out of resistance

- Volume expanded when prices moved up

- 100 day moving average at $7.48 should be viewed as new support

- Successful break above $7.78 indicates target of $8.90

GLOBAL LOGISTIC PROPERTIES ($1.85) - Recovery underway

- Prices are attempting to move above 50 day moving average

- Once this resistance is cleared, prices have a clear path towards $2.05

- When prices clear the 50 day moving average, $1.83 level should be the new support

SEMBCORP INDUSTRIES ($3.03) - Recovery underway

- Prices have formed an uptrend following earlier break

- Prices are challenging 100 day moving average

- Could cause prices to pause and consolidate before breaking out

- Overall medium term indicators appear to have bottomed out

(Source:  TheEdgeSingapore March 7 2016)