Starting last week, I have started a new column in “The Singaporean Investor” where I share my technical analysis of the 30 blue chip companies’ share price movements in the week ahead (by looking at their share price movements on a weekly timeframe.)

In today’s post, I’d be sharing with you how the share price of each of the 30 companies listed in Singapore’s Straits Times Index may move in the week ahead (based on technical analysis):

1. Ascendas REIT (SGX:A17U)

Ascendas REIT’s unit price continued to move in a downward trend in the week that just passed. When market closed on Friday (20 March), its unit price fell by another 50 cents compared to the close the week before (i.e. on 13 March). Volume for the most recent week that just ended was also higher compared to the previous week, suggesting that its unit price could suffer from further weakness in the week ahead, where it may break below the support line at S$2.50, and test next support line at S$2.37 once again. If this support line is broken, the next support line is at S$2.24.

2. CapitaLand (SGX:C31)

Compared to the week before, CapitaLand’s share price shed another 35% last week. Looking at the technical indicators, MACD continues to be in a downtrend, and RSI is in oversold territories. In the week ahead, its share price may continue to fall – if it breaks below the S$2.62 support line, the next support line is at S$2.42.

3. CapitaLand Commercial Trust (SGX:C61U)

The REIT’s unit price continued to decline last week, and with a higher trading volume compared to the week before. This suggests that its unit price is likely to decline and break below the S$1.48 support line in the week ahead, and head towards the next support line at S$1.35. Should this support line be broken as well on a high trading volume, then the next support line is at S$1.22.

4. CapitaLand Mall Trust (SGX:C38U)

Similar to CapitaLand Commercial Trust’s unit price movements, CapitaLand Mall Trust’s unit price movement continued its downward descend last week, where it shed another 40 cents compared to the week before. Also, the trading volume was higher compared to the week before, suggesting that the unit price fall may very well continue in the week ahead, where it may break down the S$1.72 support line and head towards the next support line at S$1.62.

5. City Developments (SGX:C09)

City Developments’ share price broke below the S$7.56 support line and closed at the next support line at S$6.89 when trading for the week ended last Friday (20 Mar.) Looking at the trading volume (which is higher compared to the week before), the MACD (which continues to be in a downtrend), and RSI (in oversold territories), its share price may break below the $6.89 support line and head towards the next one at S$6.22 in the week ahead.

6. ComfortDelGro (SGX:C52)

ComfortDelGro’s share price broke below the S$1.69 support line, touched the next support line at S$1.43, before bouncing up a little to finish the week at S$1.46. While the trading volume is slightly lesser compared to the week before, but the MACD continues to be in a downtrend position. Looking at how the company’s share price have continued to fall in the past 5 weeks (including the one that just ended last Friday), I feel it is highly likely that its share price may break below the S$1.43 support line and head towards the next support line at S$1.17 in the week ahead.

7. Dairy Farm International (SGX:D01)

Dairy Farm International’s share price continued its downward descend last week, where its share price shed another US$0.63 to end the week at US$4.01. As the trading volume for last week was comparatively higher than the week before, and that MACD is in a downtrend, it is highly likely that the share price of the company will break below the US$3.84 support line and head towards the next support line at US$3.32 in the week ahead.

8. DBS Group Holdings (SGX:D05)

Last week was the fifth week that DBS’ share price ended the week at a lower price compared to the previous one. In the week that just ended (on 20 March), while the trading volume was slightly lower than the previous week, the MACD continues to be in a downtrend. In the week ahead, its share price could either break down the S$17.59 support line and head towards the next one at S$14.71, or it could bounce up and test the resistance line at $18.67.

9. Genting Singapore (SGX:G13)

Genting Singapore’s share price continued its downward descend last week, where its share price dropped by another 10 cents compared to the week before. Its trading volume was also higher compared to the week before, suggesting that in the week ahead, it is likely that its share price may be headed towards the support line at S$0.480.

10. Hongkong Land (SGX:H78)

Hongkong Land’s share price for the week ended last Friday (20 March) continued to weaken, where it broke below the support levels at $4.34 and US$3.99 to finish the week at US$3.90. Looking at how its trading volume have went up over the past 3 weeks (including the one that just ended), it suggests that its share price may continue to fall in the week ahead – where it may head towards the next support line at US$3.64.

11. Jardine Cycle & Carriage (SGX:C07)

In the week which ended last Friday (on 20 March), Jardine Cycle & Carriage’s share price broke under the support lines at US$22.09, US$20.03 to finish the week at US$18.60. Trading volume was also higher compared to the week before, suggesting that the share price drop is likely to continue in the week ahead, where it is likely to break below the US$17.97 support line and head towards the next support line at US$15.91.

12. Jardine Matheson Holdings (SGX:J36)

The most recent week which ended (on 20 March) was a green doji candlestick – suggesting that in the week ahead, its share price may move in either direction – in a bullish scenario, its share price could head up to the resistance line at US$54.90; in a bearish scenario, its share price could break down the US$49.75 support line and head towards the next support line at US$44.60.

13. Jardine Strategic Holdings (SGX:J37)

The candlestick pattern for the most recent trading week that ended last Friday (20 March) was a hammer, which suggests that in the week ahead, its share price could head in either direction – in a bullish scenario, its share price could break above the US$22.80 resistance line and head towards the next resistance line at US$24.90; in a bearish scenario, its share price could break below the US$20.70 support line and head towards the next support line at US$18.60.

14. Keppel Corporation (SGX:BN4)

Keppel Corporation’s share price plunged below the S$5.76 support line and ended the week just slightly above the S$5.24 support line (at S$5.27.) Its trading volume was also significantly higher compared to the week before, suggesting that it is highly likely that in the week ahead, its share price may break below the S$5.24 support line and head towards the next support line at $4.72.

15. Mapletree Commercial Trust (SGX:N2IU)

Looking at last week’s candlestick with the one the week before, it forms a bearish engulfing candlestick pattern, suggesting that in the week ahead, its unit price may further weaken – where it may break below the S$2.07 support line and head towards the next support line at $1.97.

16. Mapletree Logistics Trust (SGX:M44U)

After closing at S$1.99 the week before (for the week ended 13 March), the REIT’s unit price was pulled down again last week, where it closed at S$1.73. Trading volume for the week which just ended was also higher than the one before, suggesting that it is likely that the unit price may break below the support line at S$1.73 and head towards the next support line at S$1.63 in the week ahead.

17. OCBC (SGX:O39)

OCBC’s share price fell for 4 weeks in a row – where in the most recent week that ended, its share price closed at S$9.07. Looking at its significantly higher trading volume compared to the week before, it is very likely that the share price decline for the bank will continue in the week ahead – if it breaks below the S$8.95 support line, the next support line is at $8.55.

18. SATS (SGX:S58)

Compared to the week before, SATS’ share price lost another 64 cents last week to close at S$2.96 last Friday (20 March.) In terms of its trading volume, last week’s trading volume was slightly higher than the week before, suggesting that it is very likely that its share price may break below the S$2.96 support line in the week ahead, and head towards the next one at S$2.76.

19. Sembcorp Industries (SGX:U96)

Following the hammer candlestick pattern the week before, a doji candlestick appeared for the most recent week which ended on 20 March. As such, 2 scenarios could happen in the week ahead – in a bullish scenario, its share price may head back up to S$1.70 resistance line; in a bearish scenario, its share price may head down towards the S$1.49 support line.

20. SGX (SGX:S68)

SGX’s share price saw some pull back up last week, where it ended at S$8.67. However, do note that there is also a red downtrend line at that price point. If the share price is able to break above this red downtrend line in the week ahead, then it may potential go up to the resistance line at S$8.78; However, should the share price bounce back down again from there, it could break below the S$8.44 support line, and head towards the next one at S$8.10.

21. SIA (SGX:C6L)

SIA’s share price continued to weaken last week, where its share price fell by another S$1.18 to end the week at S$6.02. Also, in terms of trading volume, last week’s trading volume was also higher than the week before, suggesting that it is highly likely that in the week ahead, its share price may continue to fall, where it could break below the S$5.82 support line and head towards the next support line at S$5.42.

22. SingTel (SGX:Z74)

For 6 consecutive weeks, SingTel’s share price recorded a lower close compared to the week before. What’s more, its trading volume have went up gradually in the same time period as well, suggesting that its share price could further weaken in the week ahead – should it break below the S$2.38 support line, then the share price could be headed towards the next support line at S$2.20.

23. SPH (SGX:T39)

For the most recent week which ended last Friday (20 March), the candlestick pattern is another doji. However, the MACD is still in a downtrend position. As such, in the week ahead, its share price could either head up to the resistance line at S$1.95, or break below the support line at S$1.80 and head towards the next one at S$1.65.

24. ST Engineering (SGX:S63)

ST Engineering’s share price fell by another 63 cents compared to the week before to close at S$3.10, just 2-cents away from the support line at S$3.08. Also, trading volume for the week which ended last Friday (20 March) was also higher compared to the week before, suggesting that it is very likely that the share price drop may continue in the week ahead – should it break below the S$3.08 support line, it could head down towards the next support line at S$2.91.

25. ThaiBev (SGX:Y92)

ThaiBev’s share price continued to fall last week. Coupled with a higher than average trading volume, and that its MACD continues to be in a downtrend, it looks likely that the company’s share price may continue to drop in the week ahead – where it could head down towards the S$0.495 support line. Should this support line be broken, the next support line is at S$0.405.

26. UOB (SGX:U11)

UOB’s share price recorded lower closing prices for 5 weeks in a row. For the week that just ended on 20 March, the candlestick pattern was a doji. 2 scenarios could happen here – in a bullish scenario, the share price could rebound to the S$20.37 resistance line; in a bearish scenario, the share price could break below the S$18.92 and head towards the next support line at S$17.52.

27. UOL (SGX:U14)

UOL’s share price closed lower (compared to the previous week) for 5 weeks in a row (including the week which just ended on 20 March.) Also, looking at its trading volume in the same time period, it has been rising, suggesting that its share price may continue to fall in the coming week ahead – should it break below the S$6.35 support line, the share price could be headed towards the S$5.87 support line.

28. Venture Corporation (SGX:V03)

Venture Corporation’s share price continue to fall last week, where it fell by another S$1.33 compared to the week before, to close at S$13.98 last Friday (20 March.) Looking at its trading volume and RSI, it is highly likely that the company’s share price may continue its downward descend in the week ahead – where it could once again test the support line at S$13.30; should the share price break down this support line on a high volume, then it could be headed towards the next support line at S$11.95.

29. Wilmar International (SGX:F34)

Wilmar International’s share price suffered from another 9.12% drop last week (compared to the week before.) Coupled with a higher trading volume, and also the fact that MACD remains in a downtrend position, its share price could fall to the support line at S$3.02 in the coming week. If it further breaks below this support line, then the next support line is at S$2.89.

30. Yangzijiang Shipbuilding (SGX:BS6)

Yangzijiang’s share price rebounded up in the week which ended on 20 March to close at S$0.835. However, the MACD is still in a downtrend. 2 possible scenarios could happen in the week ahead – in a bullish scenario, its share price could head up to the S$0.895 resistance line; in a bearish scenario, its share price could fall to the S$0.730 support line.

Disclaimer: Please note that the above sharing is for your educational purposes only, and it does not imply any buying/selling calls for any of the companies above. At the time of writing, I am a shareholder of Ascendas REIT, CapitaLand Mall Trust, ComfortDelGro, DBS, SATS, SIA, SingTel, OCBC, and UOB.

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