DBS: More weakness ahead with support breaking down? Price 24.60

Over the past few weeks, we have seen tensions between US and China escalating and hence market weakened further..

Some of the banking stocks like DBS were also showing some signs of weakness..

Firstly, they have broken below short term moving averages like the 20 day MA…

AND also key support levels which were holding previously did not manage to hold..

Some downside targets were drawn as a result where we could potentially break the 26.00 last week, see DBS chart below…

First target was to 25.00 and we have already hit that target over the past few days…

Buyers were trying to defend this level and it was holding well last week but…

It seems like they just cannot hold on any longer…

A breakdown of 25.00 seen yesterday and this level also coincides with the 200 day moving average…

Targets were reiterated lower on this bearish price action…

We are pushing lower today with a new low at 24.58..

Well, we can expect some slight support at 24.50, but if that gives way, likely to see next downside target playing out gradually..

Short term trend indicators are still pointing lower for now…  Let’s watch..

Capitaland: Selling still continuing.. Targets on tracked? Price 3.28.

Just 2 weeks back, we saw some bearish price actions in Capitaland with it breaking down below the 3.45 support level..

Short term trend indicators were starting to show a reversal after a recent high at around 3.70..

It was also approaching the 100 day MA line and a potential breakdown of that looks highly possible too..

Hence, some downside targets were drawn…

First target was at about 3.30 where we may see some short covering…

Over the past week, we have already hit our 1^st downside target…

The 2nd target to the south may still be playing out with a new low at 3.28 today..

Target were reiterated again last week as seen..

3.00 would be a really good support level where we can expect some good buying pressure to return…

Will see if we can head towards there amidst more market weakness…

Genting Sing: Selling pressure still continuing? Price 0.895

Over the past 2 months, we have started to see some weakness in Genting Sing with it breaking below the 1.05 support…

Short term trend indicators were also starting to turn lower after it hit a recent high at 1.15..

Seems like buyers were losing strength and not able to take prices higher..

Coupled with a weaker market in general, some downside targets were drawn…

With our first target hit at 0.95 last month..

We started to see some consolidation above it but there was still a potential break down of this support…

Finally, last week, some bearish price actions was spotted and downside targets were revised lower…

Towards 0.85 next… Downtrend still intact it seems,

We have broken the psychological 0.90 level over the past few days and seems like targets still on tracked…

Would likely see some buyers coming back near 0.85… hope this level holds.. if not, more weakness not ruled out..

ST Engineering - Uptrend still looking strong despite temp sell down.. Targets revised? Price 3.95

Just at the beginning of the year, there were some signs of reversal in ST Engineering…

We could see price attempting to break the 3.60 resistance bullishly and buyers looked like they were ready after the 1 year consolidation..

Trend indicators were also starting to point towards an uptrend forming…

Hence, some upside targets were drawn as seen…

Over the past month, we have seen our targets hit and it had even broke above the multi-year high at 3.85..

Price started to push higher towards our revised target at 4.10 however…

Over the past few days, the market weakened due to US China trade war tensions escalating again and it sold off..

Buyers started to returned near the 3.85 new support and the uptrend still looks intact…

Will continue to see if next targets can be hit… 4.00 need to get out of the way first…

One of the few good uptrend continuation stocks to ride further as long as rules are met…

Ascendas Reit - Uptrend still continuing for now... Price 3.01

Just about a month ago, we saw Ascendas Reit approaching the key 2.85 resistance level bullishly..

Trend indicators were also pointing towards an uptrend reversal…

That level was key and this price action caught our attention..

We have been trading below this level since the beginning of last year where it actually sold off from the 2.85..

Therefore, some targets were drawn when we spotted it… to 3.00 first… see what I mean…

Over the past 2 weeks, we have seen some upside and then some consolidation below 2.95…

The 3.00 seems really near but yet sellers were still defending it…

But eventually, buyers mustered enough strength to clear the 2.95 last week…

and today the 3.00 psychological resistance gave way too…

First target as above has been hit… but we have revised it higher too..

Trend indicators still looking good for now, uptrend still looks intact above 3.00..

Let’s see how far it can go from here….

Wilmar: Upside reversal may still be in progress. Price 3.67.

Just at the beginning of April, we saw Wilmar approaching the 3.40 resistance level bullishly…

There seems to be some bullish signs of it attempting to break above that key level that it has been trading below since July 2017..

Sellers just could not handle the influx of buyers and were lifted off…

Also, from the trend indicators, there were also some signs of upside reversal showing..

Hence, some upside target were drawn, with first target towards 3.60 as seen below…

Just about 2 weeks back, we have seen our target hit and some profit taking happened..

However, target was revised higher as buyers were still in control from the price action..

Coming out on dips after the profit taking..

Target revised to 3.85 thus as we were still monitoring the stock..

Fast forward to today, still seems to be holding well above the new support at 3.60 for now..

Some slight selling pressure faced near 3.70 which is normal..

After the recent rally, would likely take a breather and see some consolidation before it attempts to push towards target drawn previously..

As long as 3.60 holds, still looking alright in the short term.. let’s see when 3.70 will give way too for the reversal to continue..

Ascendas-hTrust: Uptrend may still continue to play out... Targets revised as seen... Price 0.895.

Just at the beginning of the year, we spotted this counter showing signs of upwards reversal…

The REITS sector were showing signs of bottoming out and some were slowly gaining strength, including this counter Ascendas-hTrust.

Trend indicators were starting to point up and..

More importantly, we saw some bullish actions above the key 0.83 resistance level…

Some upside targets were drawn as a result… see what I mean…

As weeks passed, we have indeed seen more strength with it pulling away from the new support at 0.82..

Moving averages also continued to play out positively as expected and bullish crossovers were seen..

Target were thus reiterated towards 0.900 as seen…

Fast forward to today, we have finally touched our target at 0.900,

And yes, the uptrend still looks quite alright despite some profit taking seen for now which is normal…

There may be some slight consolidation before we see another attempt to push higher…

where target can be revised…

Watching.. Let’s see…

One of the Reits you can put in your watchlist for dividend yield and also potential capital gains..

OUE: Upside reversal still in progress? Looking good. Price 1.76.

Just a few weeks back, there were some bullish actions spotted in OUE…

It has been resisted below the 1.65 level since June last year and finally buyers were ready to take it higher by breaking it..

Also, there were also some signs of the trend changing positively from the indicators..

Hence, some upside targets were drawn towards 1.85 first which was where we can expect some firm resistance based on historical price levels..

See what I mean below…

Over the past few weeks, we have indeed seen some consolidation below 1.70 before more actions began,

Has been holding quite firmly above the higher support at 1.65 since last month.. and targets were reiterated again

Buyers were ready to defend the level that they have broken through…

Moving averages were also showing signs of reversal upwards as days passed with a potential crossover..

See the red and blue line below..

Today, we have found a new recent high again as an attempt to push higher towards the same target..

See where we are below..

Can see the bullish crossover as I have mentioned above with the red line finally crossing above the blue 200 day MA line..

This can be a sign of the reversal still in progress…

Target may be revised higher as seen… Still in watch list for more upside…

Want to get ideas like these faster through whatsapp as a client? Get in touch with Joey’s team here..