STI Index has been trading within the range of 3195-3350. Could it have a firm breakout above this range? The current technical indicators looks overextended and I believe we may be poised for a pullback towards 3300 before a possible move higher.

Most blue chip counters already had a nice run coming into the result season. Could we see another similar scenario like last quarter where stocks ran into the earnings season and sold down on news? In my opinion, that is very likely.

My strategy as of now? Take profit off cyclical counters ($OCBC Bank(O39.SI), $DBS(D05.SI), $CapitaLand(C31.SI), $Keppel Corp(BN4.SI)O and focus on laggard stocks that have has been underappreciated ($ST Engineering(S63.SI), $SingTel(Z74.SI)).

Near term resistance:
$DBS(D05.SI): 22.20
$OCBC Bank(O39.SI): 11.60
$UOB(U11.SI): 24.60
$CapitaLand(C31.SI): 3.74
$Keppel Corp(BN4.SI): 7.50

Near Term Support:
$ST Engineering(S63.SI): 3.34 (Consolidating a bottoming pattern that is supported by long-term uptrend)
$SingTel(Z74.SI): 3.70-3.73 (Broke out of trading range 3.64.3.73)

Any thoughts? Would love to hear from the community.

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14 likes 6 comments
sgtradinganalyst

DBS looks very topish.

Sporeshare

I think market could be due for a small correction then follow by a major correction around Dec/Jan.

retiringauntie

Keppel seems to have room to go up. resistance level at 7.45

Arsenal

ST Eng just beginning to turn and you are right will monitor closely thank JY

tansiowc88

ST engineering : Agreed with your analysis. CapitaLand, I believe it still has room to go up. Once break resistance of $3.75, it will go above $4. 3rd quarter result will be the key catalyst to break the resistance.


Recommended & Related Posts

Going for a quick bounce towards 7.50

Read more
Expiry:
Target Price
$7.49
(+3.03%)
NOW:

What are you holding in your longer term portfolio now?

I have sold out about half of my portfolio since the start of the year. Currently holding the following:

Banks
1. $DBS(D05.SI)
2. $OCBC Bank(O39.SI)
3. JP Morgan ($JPM)

O&G
1. $Keppel Corp(BN4.SI)
2. $Sembcorp Marine(S51.SI)
3. $Mermaid Maritime(DU4.SI)

Others
1. $UnUsUaL(1D1.SI)
2. $SingPost(S08.SI)

Technology
1. Google ($GOOGL)
2. Salesforce ($CRM)
3. Square ($SQ)
4. Boeing ($BA)

Read more

What are you holding in your longer term portfolio now?

I have sold out about half of my portfolio since the start of the year. Currently holding the following:

Banks
1. $DBS(D05.SI)
2. $OCBC Bank(O39.SI)
3. JP Morgan ($JPM)

O&G
1. $Keppel Corp(BN4.SI)
2. $Sembcorp Marine(S51.SI)
3. $Mermaid Maritime(DU4.SI)

Others
1. $UnUsUaL(1D1.SI)
2. $SingPost(S08.SI)

Technology
1. Google ($GOOGL)
2. Salesforce ($CRM)
3. Square ($SQ)
4. Boeing ($BA)

Read more

What are you holding in your longer term portfolio now?

I have sold out about half of my portfolio since the start of the year. Currently holding the following:

Banks
1. $DBS(D05.SI)
2. $OCBC Bank(O39.SI)
3. JP Morgan ($JPM)

O&G
1. $Keppel Corp(BN4.SI)
2. $Sembcorp Marine(S51.SI)
3. $Mermaid Maritime(DU4.SI)

Others
1. $UnUsUaL(1D1.SI)
2. $SingPost(S08.SI)

Technology
1. Google ($GOOGL)
2. Salesforce ($CRM)
3. Square ($SQ)
4. Boeing ($BA)

Read more
Expiry:
Target Price
$3.65
(+4.89%)
NOW:

Looks good for a trade. FA wise, I am not too sure

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Attachment(s):

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