Hi-P: Selling may not be over. Price 0.795. Signs of weakness still...

Just 2 weeks back, we saw Hi-P approaching the 1.10 key support bearishly..

This support at 1.10 has been holding for more than a year but sellers were attempting to head towards it and potentially break it!

There were already some signs of weakness with trend indicators all starting to point down and hence

Some targets were drawn to the downside to 1.10 first and a potential breakdown to a 2^nd target to 0.90..

See what I mean below…

Market was starting to get weaker and any bearish price actions at the support level can see prices coming off sharply..

More for CFD shorts to ride downside..

Just last week, we broke the 1.10 support and even the 1.00 psychological level don’t seems like it can hold well..

Targets were again reiterated on this break down.

To 0.900 then 0.700...

Buyers were just not able to hold off the huge selling pressure coming in…

Was expecting to see some short covering returning near 0.900 but a potential breakdown was on the cards too  on market weakness…

Fast forward today, we have seen the 0.800 temp support level broken too.

Moving averages are starting to point towards a downtrend and selling can continue as long as 0.800 is capped for now.

If 0.700 support were to give way, we may see further weakness as drawn..

More for CFD shorts to ride the weakness rather than hold on to long positions for now…

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Sembcorp Ind: Downtrend to continue after rebound seen over past few days? Price 1.65. Selling may not be over!

Just about 2 weeks back, we saw Sembcorp Ind approaching the CRITICAL 2.00 support dangerously…

We have been holding above this support for more than 10 years since 2008 so any price actions here would be meaningful to see if sellers were ready to push it lower…

From trend indicators, there were already some signs of weakness since the beginning of last year…

And also prices has always been capped below the downward sloping channel resistance line as seen…

SO pretty much in a downtrend in the mid to long term..

On some bearish price actions spotted on 24^th Feb 2020, some downside target were drawn as seen… first target to 1.80 first…

See what I mean below…

Just last week, we saw more selling and target at 1.80 has been hit!

There were some short covering above 1.80 for a few days but the selling was not over imo…

Trend was still pretty much down and on further market weakness this counter can still break the 1.80 to push lower…

Downside target were revised even lower as such to 1.60 last week as seen below..

We were awaiting the impending breakdown of the 1.80 temp support too and it happened last Friday….

See target revised lower again as it happened… not a good signal…

Selling came in fast and down it went towards our revised target at 1.60 over the past few days…

There is some bargain hunting retuning near 1.60 for now which is normal given the sell down we have seen over the past month…

More than 16% sell down from when we first covered this with downside targets.

Fast forward to today, we are seeing some support at 1.60 still.. with a technical rebound towards 1.70 immediate resistance..

Sellers still seems to be coming out as it near 1.70 so the downtrend can still be intact below 1.70 now..

If we spot more bearish price actions below 1.60 support, would want to be cautious of more selling where target can be revised lower as seen… to 1.50 or maybe even 1.40….

More for CFD Shorts where we can ride the weakness further rather then just hold on to long positions blindly….

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Genting Sing: Selling to continue? Price 0.78. Sellers still not letting go imo...

Just about a month ago in early Feb, we saw Genting Sing approaching the key 0.85 support level dangerously…

The key thing is that since the beginning of 2018, which is like 2 years ago, we have already seen the longer term trend of Genting Sing starting to turn down.

It has been forming lower highs since then as seen from the downward sloping channel resistance line… see the red line below..

As we head towards 0.85, there were some signs that sellers were attempting to eventually break it, but we are just not sure…

Were waiting for some specific bearish price actions for a good signal for the downtrend to continue…

Hence, some downside targets were drawn for the impending breakdown..

A matter of time imo looking at how all the moving averages were pointing lower…. See what I mean regarding the target… to 0.70 first as it fills the gap downwards…

A few weeks passed and just last week, we finally saw that bearish price action…

Sellers just came in fast on market weakness and sold off the entire block of support at 0.84 – 0.85…

No chance given..

Finally, after more than 3 years since Nov 2016, we have seen this 0.85 support BROKEN!!

Not a good sign for sure and this can lead to more weakness in the short term..

Downside targets were reiterated again as seen, with some temp support coming in at 0.800 first.. then to 0.700…

Downtrend was intact for now below 0.85 new resistance…

Fast forward today, we have also seen the temp 0.80 support BROKEN!!

SEEMS like sellers are not letting go…

Imo, we can still see more selling pressure as long as price stay below 0.80 in the coming days… all the way to 0.700 as per original target drawn..

In situation like this, would not want to be holding long positions blindly and just HOPING IT WILL RECOVER…

It might, I am not too sure when, BUT just that for now, selling IN THE SHORT term looks more likely then a longer term reversal back up…

Can consider riding CFD SHORT positions to profit from the weakness… see where we are below now!

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SingPost: Selling still going strong? Price 0.78. Downtrend may not be over...

Just about a month ago, we saw SingPost approaching the 0.88 -  0.90 support dangerously…

It has been supported above 0.88 since the beginning of 2019 and even rebounded a couple of times but..

This time as it approached this support there were some serious signs of weakness.

Trend indicators were all pointing down and sellers looks ready to potentially break this critical support..

Also there was a Descending triangle pattern spotted with prices forming lower higher over the past year while support is holding..

Some downside target was drawn on this potential break down as seen below… to  0.80 first target

See what I mean…

A week later, we saw some bearish price actions indeed with sellers coming in fiercely and eventually breaking the 0.88 support..

It traded to 0.87 – 0.875 fast and buyers were not able to hold any longer.

On this price actions, downside target was reiterated again as seen towards 0.800..

A firm target down where the downtrend was likely to continue given this bearish move..

More for Short Positions to be taken with CFD to ride the downside and profit from the weakness..

An descending triangle breakdown which is not a good signal…

Fast forward to today, we have seen the target at 0.800 hit and a close below last Friday.

Seeing some short covering near 0.77 for now but more selling can happen with it capped below 0.800 still..

See where we are below where targets are reiterated lower again towards 0.700..

Downtrend still intact for now as per moving averages…

More for CFD short positions to ride further weakness rather than hold long positions blindly all the way down...

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SATS: Sellers still here? Price 4.38. Weakness may still continue!

Just about 3 weeks back at the beginning of Feb, we saw SATS approaching the 4.55 – 4.60 support level dangerously…

It has been holding above this key support for the longest time since Aug 2016 which is more than 3 years ago..

So any key price actions near here would be meaningful to watch..

Since 2018, it has been forming lower highs which is a sign of weakness from the charts and just recently,

Trend indicators were also starting to point down..

Hence, when we saw some bearish price actions on 3 Feb 2020, some downside targets were drawn as seen below..

First target towards 4.30 first.. see what I mean…

After the first spot, over the next few days, we managed to see more selling pressure towards 4.40..

And then some short covering seen before a quick rebound…

It rebounded all the way back to 4.60 which was the initial support it had broken…

However, can see that sellers were still lurking and selling pressure continued..

This initial 4.60 support would now be the resistance for price to push lower.

Targets were reiterated to the downside again with near term support now revised to 4.40, See what I mean…

From the chart below, you can also see a Bearish Rounding Top pattern drawn which can point to a downtrend in progress, especially below 4.60 RESISTANCE....

Fast forward to today, we are finally seeing some actions again with sellers attempting to push below the 4.40 support..

Currently at 4.37 where buyers are still trying to hold on and recover some ground back above 4.40 BUT seems like not able to..

Awaiting to see more bearish price actions below 4.35 which can see more selling momentum coming back fast..

Next downside target to 4.20 then 4.00 can be on the cards if that happen..

Short term trend indicators still looking negative for now..

Watching to see what happen in the next few days…

More for shorts with CFD to ride further weakness… would not want to be holding on to long positions blindly for now…

See where we are below now…

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Ascendas Reit: A bullish candle seen! Then then upside started. Price 3.30. Can the next phase of uptrend continue??

Just about 3 weeks back, we spotted a really bullish candle in Ascendas Reit..

This bullish candle was something like a “Hammer” and we saw it right at the support at 3.05…

This showed that buyers were ready to defend the support at 3.00 – 3.05 readily and perhaps even take price higher…

Price was at about 3.11 then and hence we drew some upside target with a potential break above the KEY 3.15 RESISTANCE level..

First target to 3.30 as drawn..

We were expecting some upside, BUT this 3.15 RESISTANCE WAS STILL key…

In fact, we really need to get pass that convincingly with some bullish price actions in order for the uptrend to continue…

We have been capped below 3.15 since July last year, so it is like 6 months below and sellers were already pushing it down from 3.15 so this level is KEY…

But this Bullish hammer candle on the 28 Jan 2020 looks promising. See the candle below highlighted in green!

A few days after, we have indeed seen the bullish move above 3.15 resistance..

Target was reiterated again to 3.30 and even higher to 3.50 as seen  below..

Uptrend looks good on this bullish move above 3.15 and looks set to continue..

Finally, we have cleared the 3.15 resistance after more than 6 months of testing it and failing to do so..

Moment was captured as it happened..

But we were expecting some profit taking near 3.30 first…

Fast forward to today, we have seen our first target at 3.30 hit over the past week..

Now seeing some profit taking at 3.30 which is normal given the ride we have seen…

However, uptrend still looks ok for now with some new support at 3.25 over the past week..

Awaiting more bullish price actions which can see our 3.50 target on track as reiterated…

So far, sellers are still selling near here but buyers may be ready to take it up the next step soon..

Watching! See where we are below now.

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Mapletree Log Trust: Seems to be defensive despite current virus pandemic. Price 1.88. Can the uptrend continue?

Just about 1 month back at the beginning of the year, we saw some bullish actions in Mapletree Log Trust.

The uptrend was firm over the past few months but it was just not able to break the 1.75 key resistance since Oct last year…

This was before CNY and also before the escalation of the current virus pandemic.

Some upside targets were drawn towards 1.90 as seen below when we finally saw some decent price actions..

Buyers were finally ready to take it higher and sellers cannot withstand anymore.

Trend indicators were also looking positive on this move pointing to a strong uptrend..…

Let’s see what happens over the past few weeks as the virus situation escalated to current orange code.

As the virus situation getting worst, we saw a move higher with an attempt to break the 1.80 level too..

Target was reiterated to 1.90.

Despite market selling off on fears of the virus spreading further on Singapore shores, this counter was surprising still quite defensive.

Can see that buyers were coming back to buy on dips on any slight fall which kind of supported prices..

Perhaps, this is due to the defensive nature of industrial Reits where tenants have longer tenures and hence less likely to be affected compared to the retail sector where Retail Reits got hit badly..

Fast forward to today, we have already hit our 1.90 target last week as when first drawn..

There is some profit taking seen for now which is normal given the more than 8% gain when it was first covered…

However, seems like there is also some good support returning near 1.85 over the past few days..

Here is also where the 20 day Moving average is also which can lend some technical support..

Some selling seen near 1.90 -1.92 for now but we may eventually attempt to push higher towards revised target at 2.00 as seen below..

Watching for now to see if the upside can continue further while protecting profits…

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Comfort Delgro: Selling still continuing? Price 2.14. May still see weakness amidst virus epidemic..

Just about 2 months back, we saw Comfort Delgro breaking the key 2.40 support that it has been holding above for more than 6 months…

In addition, there were also some signs of the downtrend starting to take shape…

From the moving averages, we were seeing some weakness, expecially with some bearish crossovers seen..

Buyers were unable to take it above the 2.45 resistance level and sellers just came back to take profit…

Hence, some target were drawn to the downside with target to 2.25 then 2.10 eventually..

See what I mean below…

Sellers seem to be ready to push price lower after each minor consolidation which is not a good sign…

A few weeks passed and there were some consolidation above the 2.30 support…

However, trend was still pointing down eventually we saw the 2.30 support gave way too..

This was captured when it happened live as seen below..

Downside target were reiterated towards 2.10 again as mentioned above..

Note that this was before the virus epidemic currently happening..

Targets were mainly due to the charts showing weakness…

Fast forward to today…

Over the past few days we have seen more selling pressure with the virus epidemic escalating..

2.20 temp support has given way last week and seems like it is about to hit our target at 2.10..

Yesterday’s low was at 2.11 before some short covering return..

Transport business is likely to be hit with lesser tourist coming to Singapore and private hire drivers are already feeling the brunt..

On any further bearish price actions below 2.10, targets can be revised lower as seen…

Still in watchlist… cautious long position for now..

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