Market Outlook: Properties and Oil & Gas | Technical Analysis | Singapore Stocks

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^sti 041011

Looking at the STI, it has certainly started off April strongly (refer to the last post), without even pausing to take a breath from the long run-up. Unfortunately, contrary to what I thought, there was no good pullback for entry. In fact, last Friday closed on renewed strength. There are 2 possible resistance zones ahead which could pause the current move, namely around 3305 and 3220.

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C31 041011

Looking at the daily chart of CapitaLand, we can see that there is an inverse head-and-shoulders formation, which is a bullish reversal pattern. It has broken the neckline on a bullish gap up, and has now broke through the previous resistance at 3.46. It looks poised to head higher, with possible resistance near the top of the downwards sloping channel.

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Looking at the daily chart of Keppel Corp, we can see that it has recently broke out of a triangle pattern, and has now formed a bullish flag/pennant pattern. Volume is on the decline and bars are small. I would enter with a tight stop to wait for a strong breakout, with a potential target of 14.00.

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