• The stock tumbled to its strong support at S$8.00 before rebounding sharply to current levels. This rebound shows that the bulls are not ready to give up just yet.
• The RSI hook up from its oversold position prompted the strong rebound from its S$8.00 support. The MACD is however still negative.
• We continue to see weakness in the coming months. However, in the short term there could still be some upside. The gap resistance at S$12.10-12.30 would likely keep a lid on the upside for now. Buyers should only buy near the S$8.00-9.00 strong support. Otherwise, sell on rebound and stay sideline for now.
Overseas Union Enterprise Limited operates hotel and leases commercial offices and shopping centers in Singapore. Through its subsidiaries, the Company also manages and operates food and beverage outlet, advertising, printing, and commercial laundry.
SembCorp Industries (SCI SP; S$2.14) – SELL
• The stock appears to be well supported above the S$2.00 support. It is now forming a descending triangle. A break below the S$2.00 support is bearish.
• Indicators are still negative but improving slightly. The RSI is slowly rising but is still below the neutral mark.
• Again, there could be a minor rebound back up to retest its S$2.18-2.20 (its 30-day SMA). A breakout could see the stock climb to S$2.25 next. Since we do not foresee a strong rebound, maintain a sell on strength strategy for now.
SembCorp Industries Limited provides infrastructure services and integrated industrial site services such as power, gas, steam, water, and other site services. The Company's services include engineering and environment management, integrated logistics, and marine engineering services.
Keppel Corporation (KEP SP; S$4.30) – SELL
• It is now in a long term sideways trend. However, since it is trading above its 30-day SMA, there could be a tad more upside from here. However, we expect resistance to be tough at the S$4.90 and S$5.40 levels.
• Daily MACD is positive but RSI is flat, suggesting that buying momentum is not very strong.
• After this rebound, we expect the stock to retrace lower again. Support is now at S$4.00 and S$3.76.
Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.
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