Date: 4th June 2009
Singapore Stock Market: Overall long term trend (based on daily charts) is still up, but we remain cautious for a possible trend turn, waiting for more evidence for confirmation.
Short term traders – the trend is down, but not all the lights are red.
Our Focus for today is on Property and Financial Stocks.
STI 2375.82 is a possible resistance to note for short term trading.
In particular to the market leaders which include, City Development and Keppel Corp. Reason being, the previous run lasted from 27th May 2009 to yesterday, led by the property strength, show a strong possibility of an immediate reverse to the downside by the champ again.
Keppel is in for a quick shot, though deemed as one of the weakest out of all the blue chips. If it manages to break through the support at 6.96, we have a possible market retracement to 6.07 on the daily chart. Just a little note, we see a short term support at 6.69 on the daily chart, so do watch out when price get close.
Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume.
Bullish Stocks:
|
|
Name |
|
|
1 |
DBSM |
DBS Group Holding Ltd |
|
2 |
UOBH |
United Overseas Bank Ltd |
|
3 |
CTDM |
City Development Ltd |
|
4 |
WLIL |
Wilmar International Ltd |
|
5 |
KPLM |
Keppel Corp Ltd |
Bearish Stocks:
|
|
Symbol |
Name |
|
1 |
SIAL |
Singapore Airlines Ltd |
|
|
|
|
Coming to Afternoon Trading Session, at around 3.25pm, we see that STI has managed to break through 2351.44; but the market managed to cover back in response to the breakout, affirming a strong resistance at 2375.82 which we highlighted before the bell rings in the morning.
Evidence of a market reversal is relatively clear, just wait for at least a day of market up and we will expect the formulation of a downward trend for the overall market on the next day.
