• The stock is now testing its medium term downtrend resistance at S$0.73. A breakout above this resistance is bullish for the stock. The next resistance is at S$0.785 and S$0.86.
• MACD has reconfirmed its golden cross while RSI has also inched higher from its neutral position.
• Buy half now and the rest on the breakout above the said resistance. Put stop loss below its 30-day SMA at S$0.635.
Suntec REIT owns prime office and retail space in the Central Business District(CBD) of Singapore. Its portfolio comprises of office and retail properties in Suntec City, a prime landmark property strategically located in the CBD and the largest integrated commercial complex in Singapore (including Singapore’s largest shopping mall).
Jardine Matheson (JM SP; US$21.22) – BUY
• The stock is still languished in its medium term sideways trend channel despite having bounced off its Mar lows of US$15.90. It tested the upside resistance at US$23.90 but it did not have enough in the engine to breakout above it. It is now forming a base near the middle band support at US$19.90.
• MACD and RSI are starting to hook upwards again, probably suggesting that it could soon head higher to retest its upper resistance at US$23.90.
• Furthermore, it is still above its 30-day SMA, which is now at US$19.65. Investors may want buy near the support levels of US$19.90. Cut losses if prices fall below the US$19.00.
Jardine Matheson's interests include Jardine Pacific, Jardine Motors Group, Jardine Lloyd Thompson, Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage and Astra International. These companies are leaders in the fields of engineering and construction, transport services, insurance broking, property investment and development, motor trading, retailing, restaurants, luxury hotels, motor vehicles and related activities, financial services, heavy equipment, mining and agribusiness.
Straits Asia Resources (SAR SP; S$1.07) – BUY
• The stock tested the uptrend channel resistance but failed to breakout above it. It has since pullback to close to its 30-day SMA before rebounding higher.
• Indicators are just about to turn negative, suggesting that the stock is still in consolidation.
• Investors should buy on weakness, preferably near the 30-day SMA currently at S$0.94. Stop loss is at S$0.89 or below. The stock is likely to rebound to try to retest the S$1.19-1.20 resistance again soon.
Straits Asia Resources (SAR) is primarily engaged in thermal coal mining on Sebuku Island, South Kalimantan, Indonesia. SAR commenced operations at its Sebuku mine in 1997 and holds the rights from the Indonesian Government to mine for coal in its concession area until 2027. A substantial portion of Sebuku coal is exported, largely under long-term contracts, to power generation companies within Asia.
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