• Still in major downtrend. Needs to breakout above S$1.15 and S$1.21 resistance to confirm a change in trend.
• Daily MACD is negative and starting to weaken further while RSI has hooked down again.
• The stock could inch a tad higher but the resistances is unlikely to be breach for now. A break below the support at S$1.03-S$1.05 is bearish and the stock could then fall to S$0.93 next. Maintain Sell for now.
Ascendas REIT is the first business space and industrial REIT listed on the Singapore Exchange Securities Trading Limited. It started out with 8 properties and a total asset size of S$607m at its listing in November 2002.
Raffles Education Corp (RLS SP; S$0.405) – SELL
• The chart shows a minor rebound from its new 52-week low of S$0.345. The Doji candle on Thursday suggests that this rebound has ended and the downtrend would likely continue from here.
• Technical indicators are mixed. MACD has confirmed its golden cross but its momentum is weak while RSI has turned down again.
• Sell into strength with resistance seen at S$0.43 and S$0.46. Prices could ease towards the S$0.345 levels again should the S$0.40 support fails.
Raffles Education Corp is a private education group in Asia. Since establishing its first college in Singapore in 1990, the Group has grown to operate three universities and 20 colleges across nine countries in the Asia-Pacific region: Singapore, China, India, Vietnam, Malaysia, Thailand, Mongolia, Australia and New Zealand.
Thai Beverage (THBEV SP; S$0.19) – SELL
• Has fallen below its 2-year sideways trend. Resistance at S$0.225-S$0.23 is strong. It is also trading below its 30-day SMA.
• MACD is positive but is slowly losing momentum while RSI has hooked down again.
• The stock could be heading towards the S$0.165 next if the S$0.19 support fails. It may be best to sell out now and look for opportunities elsewhere.
The Thai Beverage Group is the leading producer of beer and spirits in Thailand and one of the leading brewers and distillers in Southeast Asia according to Canadean Limited, a global beverage research company. Its main products are beer and spirits, which have a strong brand identity in Thailand with a reputation for quality and taste.
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