Chart[34] - Sheng Siong

The retail counter encountered strong selling force since mid Dec. The downfall rebounded twice from support 0.905. Last trading saw rising buy volume which pushed up price beyond soft resistance 0.93. Shall strong buy up interest continue, price could be heading towards next resistance ~1.

Chart[33] - CNMC Goldmine

The counter has been falling in price since mid Nov. Spike in buying volume was seen last Thursday. Immediate support formed at 0.41. Looking backward, strong buying volume happened on July, August and early Nov as highlighted below. Shall the uptrend be forming, strong resistance will be ~ 0.5

Adding moving average (blue line) as reference to read the trend. Current price shows early sign of rebounding from 200 days of moving average line as well.

Chart[32] - Offshore&Marine (Trend vs Valuation)

Bullish oil became the hot topic recently. Following counters saw heavy trading volume upon OPEC announcement of production cut. While market is showing strong interest into them, let's examine respective price trend vs valuation.

Keppel Co: It has been ranging bouncing between 5.1 and 5.48 in past four months. With strong buying volume on last Thursday, it broke few resistance prices in one shot. Immediate support and resistance could be 5.9 and 6.2 Based on latest financial results, 6.2 translates to 1.03x net tangible asset value and ~ 13x PE.

Sembco Ind: It has been slowly moving up in price since early November. Decisive break out with strong volume happened on last Thursday. Immediate support and resistance are 2.78 and 2.98 Although current price represents deep discount to book value, its weakening earning is concern. Above 2.78, it is actually trading beyond 17.4x PE based on annualized earning of FY2016.

Mermaid Maritime: Spikes in buying volume occurred ever since early October. The bullish trend is trying to test next resistance ~ 0.16 which translate to 0.47x PB. It is one of the few oil related counters which can enjoy low debt and profitable business year to date.

Chart[31] - Counters hitting support/resistance

DBS:Market strongly believe interest rate hike is around the corner. US banks broke 2016 high over past few weeks. Local banks tracked the pace as well. DBS saw strong buying volume on early November. Two resistances, 16.38 and 16.83 were broken. Next stronger resistance is around 17.86. Volume has been falling last few trading days. Correction might kick in. Similar scenario could be refer to end of Feb this year as highlighted below. Interestingly, this was first week that DBS being traded above its book value (~ 16.8) this year. Its 'recovery' came latest among its peers.

OCBC: The counter has been range bounding between 8.3 to 9. Volume was growing since mid Nov, and price is edging towards 9. Shall it be broken, next resistance is ~ 9.28.

UOB: The counter is near to its 2016 peak ~ 20. Price movement is in sync with its peers, but volume suggests otherwise.

SingTel: The counter strongly rebounded from support, 3.6 with significant trading volume. Immediate resistance is 3.8, followed by 3.94. Interestingly, SingTel issued shares placement to Temasek for fund raising. Each share was issued at $4.16 Current price looks undervalued on such comparison.

Chart[30] - Global Invacom

The counter saw heavy buying interest on last trading day. Resistance price 0.177 was broken, next resistance is 0.215. Similar accumulation activities happened on early and mid October as highlighted below. Buyer could be in action again.

*** Note: Same counter has been mentioned in Chart[15] @ 2016 ***

Chart[29] - Best World

The counter has rebounded twice from support, 1.275. Volume looks relatively significant. Strong resistance is ~ 1.65. The counter is going to release 3rd quarter result by next week Friday.

Chart[28] - AP Oil

The counter saw accumulation activities last few trading days. On 18th Oct, company announced joint venture business plan. Next day, company director increased shareholding on the company. Last trading saw price surging 10% with significant volume.

Looking backwards, similar activities ever happened last year July. Price ceiling was 0.32. It would be interesting to see whether history repeat.

Chart[27] - Courts Asia

Chart on top shows the counter performance in past two years. It fell from 0.6 to 0.32 on 2015. After 10 months of consolidation between 0.32 to 0.4, it broke up to 0.43. Looking at bottom chart, the company actually aggressively bought back shares since February 2016. Even at current price which is 30% up from last February, buying back activities is still undergoing. Latest financial result saw its net profit jumping 50% year on year and book value hit 0.57. It well explained the company buying back till 0.42 which is 25% discount to book value. It might not be surprise shall the counter hitting 0.6 (2014 peak) again.

Chart[26] - Yuuzo

Since early August, buying interest has been gathering in the counter. Last trading day saw its price breaking resistance 0.168 with significant volume. Next trading zone could be 0.168 to 0.183. 

Chart[25] - SingMedical

Accumulation activities seems continuing on the counter. Last trading day saw price up 8% with significant volume. Current price is consolidating within 0.3 to 0.34. It would be interesting to see whether buyer could pull it from the narrow zone for next record high over past five years.

*** Note: Same counter has been mentioned in Chart[24] @ 2016 ***

Chart[24] - Small counters with big interests

Significant buying volume was seen in following counters. Trader could take position for next potential push from hidden buyers.

Avi-Tech

Fu Yu

Singmedical

Chart[23] - Cogent

The counter saw surging volume on last few trading days. A triple top break up at 0.705 with significant transaction volume. Looking backwards, similar break up happened at 0.535 on May, 0.58 on early July and 0.66 on late July. The counter could be heading next record high in continuation of current uptrend.

Chart[22] - Dutech

The counter saw heavy buying volume twice. First happened on Jun (upon latest result being announced), and second on last week. Price broke up from resistance, 0.49. Next resistance is 0.595 which is its debut price in SGX on 2007. Current trend looks bullish, except significant selling pressure appears.

Chart[21] - Counters hitting Support

DBS will announce latest result on tomorrow (8 Aug). Following its involvement in Swiber saga, the result could draw more attention from market. It would be interesting to see whether support 14.6 can persist. The counter shall issue dividend at same time as well

OCBC price falling upon dividend expiry date unsurprisingly. Current price is hovering above support, 8.25, which is slightly above its book value, 8.19. It also represent dividend yield ~ 4.3

Recent downfall of crude oil induced selling pressure on Keppel Co. Price might have found support between 5 to 5.2, shall oil price stabilize. It ever fall to 4.8 when oil plunged to USD26





Singpost latest results saw rising operational expense as well as financial cost during its transition period towards regional eCommerce player. Recent downfall paused at support, 1.42. Market could be waiting for more details about its joint venture plan with Alibaba and dividend policy in future.

Chart[20] - First Resources

The counter exceeded 1.595 last Thursday, thus past resistance changed into support. EMA10 is pointing upwards meantime. Last trading day saw the price retreating to 1.615. Shall support, 1.565 persists, price could edge up to next resistance ~ 1.745.

Chart[19] - HongKong Land USD

6.52 served to be strong resistance for the counter since early 2016. Last Thursday saw its price break up from the barrier. Price rested ~ 6.52 on last trading day. Shall this newly formed support persist, up trend could be forming with immediate resistance at  7.11. Current price translates to dividend yield ~ 3%. If price fall below again 6.52 again, the break up would be a false alarm.

Chart[18] - Ying Li

Last Friday, Singapore and Chongqing financial institutions signed 28 agreements. Transactions valued at more than US$1.6b are expected to be realized. As a developer in Chongqing, its shares price up 3% with significant volume on the same day. Prices trend has been consolidated within a consolidation zone (as highlighted in daily chart below) since last February. Current momentum tends to break up from the converging channel. 

Shall it break up, immediate resistance is 0.149, followed by strong resistance ~ 0.198 as shown in weekly chart below.

Chart[17] - Counters hitting resistance

DBS: The counter closed at 16.12, which was marginally above past 6 months resistance ~16.02. Shall it be broken, next resistance line could be 16.8. Historically, the counter used to enter CD (cum-dividend period) by mid August. Fundamentally, current price is still attractive as well below book value. Technically, potential break up from resistance might be forming.

OCBC: The counter is hovering around its 3 months resistance ~ 8.94. Coming CD period supposed to be by August. Major concern are non performing loan as well as earning contributed from Great Eastern (which dragged down overall profit last quarter) on coming report. Historically, EX (exclusive-dividend) period on Aug used to be bargain hunting window for the counter.

ST Engineering: The counter has never broken 3.46 since Jun 2016. Recent bull run was mainly due to rising risk appetite among investors globally. It would be interesting to see whether the one year resistance could be exceeded. Similarly, August would be dividend period from the counter, and price used to fall on EX date.

Chart[16] - Global Investment

The counter saw significant buying volume on last trading day (first chart in below). By zooming out on weekly chart (second in below), the rising momentum has been gathering pace since early July. Last trading price paused at 0.138 which was also the resistance since last September. Shall it be broken with convincing volume, trader could look forward to target price at 0.15. Interesting the current price translates to dividend yield ~10%. Next dividend issue period used to fall on August. Investors could be positioning for the high yield return in advance.

Chart[15] - Global Invacom

The counter has been range bound between 0.102 and 0.128 since March. Spike in buying interest was seen on April, Jul and also last trading day. Shall it break up this consolidation zone, a bull trend could be expected. 

Chart[14] - Silverlake Axis

The high yield (dividend >5%) counter rebounded from recent downfall. On last two trading days, company actually bought back shares from open market. However, buying interest already gaining moment on early June as highlighted in chart below. Average 4M shares was transacted from 1st to 4th Jun while price were riding high. Immediate resistance is 0.55. Shall this be broken, next resistance shall be 0.63. Support shall be at 0.49. 

Chart[13] - HPH USD

The counter has been lingering around 0.43 for long. Last trading day saw one bullish candlestick crossing both EMA10 and EMA20 with significant volume. Buying interest could be gaining strength. Trend would have changed shall it break down 0.42. Strong resistance at 0.5.

Chart[12] - Venture

Venture has been growing steadily in earning, as well as giving constant dividend (>0.5 per share) throughout the years. With such characteristic, its shares used to be range bound between dividend yield from 5.8% to 7%. On EX date, price used to fall in the amount of dividend given. It presents yield hunting period for investor instead. Next EX date falls on 5 May, which is next Thursday. Immediate support is 7.8, next would be 7.16. 

*** Note: Same counter has been mentioned in Feb[5] @ 2016 ***

Chart[11] - Ying Li

The counter formed double bottom break down at 0.149 on Dec 2015. Since early 2016, it has been gathering strength to push up but retreat from 0.149. Lately, it saw high transaction again with price edging up again. In first chart (daily), EMA10 has cut up from EMA20. In second (weekly), price rest before EMA20. Shall it form double top break up from 0.149, next resistance is 0.168. Trend could have changed if it back down to 0.136.

Chart[10] - China Everbright

The counter saw accumulation volume since mid Feb. On last trading day, it ended at 0.525 with 8m of shares transacted which is pretty bullish. Shall it break up from resistance line at 0.525, next resistance line could be 0.59. 

*** Note: Same counter has been mentioned in Chart[8] @ 2016 ***

Char[9] - IPS Securex

The security solution provider listed on 2014 and quickly caught attentions among trader. It has implemented shares split in last two years due to overwhelming demand. The price rose quadruple in half year since IPO. After first shares split, it surged to three folds in six months again. Price seems to calm down after 2nd shares split.

Recently, the counter has seen some significant volume in transaction again. EMA 10 has cut above EMA20 with bullish candlestick. Shall history repeats, the counter could be shining star again. Immediate price resistance is 0.275. Historical height is 0.9. Immediate support is 0.186.

Chart[8] - China Everbright

Upper chart shows that buyers could be positioning in the counter as volume is significant with price moving upwards. Lower chart shows that price rebounding from EMA20 and breaking EMA10. Trader could take entry ~0.51 and target profit at ~0.54 which is upper band of Bollinger Band. Shall price break down to 0.49 (middle of Bollinger Band), trend could be pointing down.

Chart[7] - Local Banks

It was an exiting week for local blue chips as most were facing strong rally. Buyers over the past few months might be seeing light in end of tunnel! This round we combine valuation (fundamental analysis) and major resistance lines (technical analysis) in the following counters. Let use P/B ~1 as the min target (as price is still attractive) and dividend yield closer to 3% as the bonus (price tends to be less attractive). Investor could decide whether to enter or exit from the counters accordingly. Similar method could be applied on other counters as well. For potential sellers, it would be wise to spread exit points instead of one, because you might not want to miss any surprise that market brings you.

DBS:

Buyer has been in upper hand over seller, as the uptrend followed with significant volume. Current price is still below its book value. Room for value hunting is limited as of now. 

OCBC:
Similarly, the counter is under bullish trend. It has broken resistance at 8.03 and 8.52. Immediate resistance is 8.85. Buyer shall wait for a retreat. However there is not selling signal from trend yet.

Note:
Net asset value = entity's value - entity's liability 
P/B < 1 means price is under net asset value.

Chart[6] - Singtel

SingTel has completed its first wave of rebound from 3.4 to 3.8. It retreated to 3.64 then bounced to 3.7. It showed that support @ 3.64 is firm. Price could be either range bouncing, or forming higher high.

 

Adding indicator, EMA10(Close), EMA10(Open) and EMA50, price rebounded from EMA50. Trader could take position for potential upward movement. Trend might look down shall price break down from middle line of Bollinger Band ~ 3.64.

Char[5] - STI

Timeframe: Next 5 trading sessions (The daily chart provides an idea of where the market might move over the next 5 trading sessions, after which it would be best to review the chart again)

As the saying goes, when it rains, it pours and it does seem to apply to the financial markets given the downward movement experienced since the start of the year. The question being asked is if there is any reprieve in sight. With the overbought/oversold  (OB/OS) indicator in the Business Times today at -1064 (http://eresources.nlb.gov.sg/newspapers/Digitised/Article/biztimes19880319-1.2.22.4.aspx), it is possible that the Singapore market might be due for a short rebound, due to the current oversold position that the market finds itself in.

Assuming the close of the market today is about the current index level at time of writing, and with not much further large increases in traded volumes, there is a good chance that the market might have be exhausting itself on its downward movement for the time being given the drop in traded volume. The candle formed would also be that of an abandoned baby candlestick which is normally a fairly bullish indicator.

Should a decent rebound take hold over the next few trading sessions, the market could bounce to the range of 2692-2714.

Abandoned Baby Candlestick
http://www.investopedia.com/terms/b/bullish-abandoned-baby.asp

Like the famous line from the movie The Crow, it can't rain all the time.