• The Gold Trust has been fallen below its uptrend channel that begun since September last year. This is a very bearish signal. The 30-day SMA is also starting to turn downwards. This could be the start of a new downward spiral.
• Its MACD has just moved into the negative territory while RSI has hooked downwards after hitting the trend line at the 60-pts mark.
• Gold could continue to ease further to the US$80.00 and US$75.00 support levels next. Resistance is at US$91.00.
Gold Shares is the first gold-backed exchange-traded fund to be listed in Asia. Sponsored by the World Gold Trust Services LLC, the streetTRACKS® Gold Shares are designed to track the price of gold and trade like any stock on the exchange.
ComfortDelgro Corp (CD SP; S$1.34) – SELL
• The chart shows that the stock is still in its major downtrend. Until a breakout above the trend line resistance at S$1.45, the stock is under the control of bears.
• 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$1.33 and S$1.45. Prices could ease towards the S$1.16 levels again should the S$1.27 support fails.
ComfortDelGro's businesses include taxi, bus, rail, car rental and leasing, automotive engineering and maintenance services, inspection, test and assessment services, learner drivers’ instruction services, insurance brokerage services and outdoor advertising.
SMRT Corp (MRT SP; S$1.46) – SELL
• It fell below its medium term sideways trend of S$1.55-1.70 last week. Yesterday, the selling accelerated, sending the stock just shy of its October lows. A breakdown below S$1.42 could send the stock lower towards S$1.33 and S$1.25.
• Indicators continue to be negative with the RSI moving into the oversold region. Any rebound should be seen as a chance to unload given that the longer term charts are looking bearish.
• We maintain our sell call as we see more downside ahead. Resistance is at S$1.55 and S$1.57 (its 30-day SMA).
SMRT is Singapore’s premier multi-modal transport operator. It remains the dominant player in the nation’s rail network and its buses and taxis have a significant presence in Singapore’s vibrant transport landscape.
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