The share prices of quite a number of blue chip companies rebounded last week – but in my opinion, the trend is still a bearish one.

Before I proceed to analyse the share price movements of each of the 30 blue chip companies last week, and possible movements in the week ahead (for the trading week between 30 March and 03 April 2020) based on a weekly timeframe, here’s the share price movement of the STI on a weekly timeframe:

During the course of last week, the STI fell to a low of 2,208 points, before rebounding up strongly to finish the week at 2,528 points. In my opinion, in order for the trend to be considered as reversed (i.e. from a downtrend to an uptrend), it must close above 2,560 points when trading for the week closes this Friday (i.e. 03 April.) Otherwise, in my opinion, the overall trend is still a downward one.

Now, let us take a look at how each of the 30 blue chip companies performed last week, and how they are likely to perform in the week ahead:

1. Ascendas REIT (SGX:A17U)

There was some rebound to Ascendas REIT’s unit price in the week that just passed, where it was pulled up after touching a low of S$2.22 to close at S$2.78. That said, the trend, in my opinion, has not reversed just yet. In order for the trend to be reversed from down to up, the unit price have to close above S$2.95 this week – that’s the bullish scenario. In a bearish scenario, the unit price is likely to break below the S$2.76 support line and once again test the support lines at S$2.63, S$2.50, and S$2.37 once again.

2. CapitaLand (SGX:C31)

The share price movement of CapitaLand last week is similar to that of Ascendas REIT – where the share price touched a low in the course of the week (to S$2.56), before rebounding up and closing at S$2.95. In my opinion, in order for the trend to reverse from down to up, it must first break through the S$3.02 resistance line and close above S$3.04 at the end of the week – that’s the bullish scenario. On the other hand, should the bearish trend were to continue, the share price is likely to once again break below the support line at S$2.82, and once again test the next support line at S$2.62.

3. CapitaLand Commercial Trust (SGX:C61U)

The unit price movement of CapitaLand Commercial Trust displayed a similar trend as both CapitaLand and Ascendas REIT last week – where the unit price sank to a low of S$1.30, before rebounding back up and closing at S$1.56 last Friday (i.e. 27 March.) For the trend of the REIT to become bullish once again, it must first break above the resistance line at S$1.61, and close above S$1.73 when the market closes this Friday (i.e. 03 April.) Otherwise, should the bearish trend were to continue once again this week, the unit price could once again break below the support line at S$1.48, and once again test the support line at S$1.35.

4. CapitaLand Mall Trust (SGX:C38U)

The unit price of the retail REIT fell to a low of S$1.56, before rebounding and closing at S$1.86 when the market closed last Friday (27 March.) In order for the trend to be considered as an upward one, it must break through the resistance lines at S$1.92, S$2.02, S$2.12, and close above S$2.14 when the market closes this week (i.e. on 03 April.) However, if the bearish run were to continue in the week ahead, the retail REIT’s unit price is likely to below the support line at S$1.82, and once again test the support lines at S$1.72 and S$1.62.

5. City Developments (SGX:C09)

City Developments’ share price slumped to a low of S$6.11 during the week (which also is its new 52-week low), before rebounding and close at S$7.44 on Friday (27 March.) For the company’s share price movement to reverse from a bearish mode to a bullish one, it must first break above the resistance line at S$7.56, and close above S$8.00 when trading closes on Friday (i.e. 03 April.) Otherwise, it is likely that the share price will once again break below the S$6.89 support line and once again test the next support line at S$6.22.

6. ComfortDelGro (SGX:C52)

ComfortDelGro’s share price fell to a new 52-week low of S$1.33 last week, before rebounding and closed at S$1.55 last Friday (i.e. 27 March.) For the trend to reverse from down to up, it must close above S$1.69 when the market closes this Friday (i.e. 03 April.) In a bearish scenario, the share price is likely to break below the support line at S$1.43 and move towards the next support line at S$1.17.

7. Dairy Farm International (SGX:D01)

The share price of Dairy Farm International fell to a new 52-week low at US$3.48, before rebounding and close at US$4.50 on Friday, 27 March (and in the process, breaking above the resistance line at US$4.36.) In order for the trend of this one to turn from bearish to bullish, it will have close above US$4.64 when market closes this Friday (i.e. 03 April.) Otherwise, the share price may break below US$3.84 and test the next support line at US$3.32 once again.

8. DBS (SGX:D05)

Together with the candlestick the week before, the 2 candlesticks (for last week and the week before) forms a “bullish engulfing” candlestick pattern, denoting that the trend could be reversing from down to up. However, MACD is still in a downtrend. 2 scenarios could happen in the week ahead – in a bullish scenario, the share price could break above the resistance line at S$19.75 towards the next resistance line at S$20.83; in a bearish scenario, the share price could break below the S$18.67 support line and move towards the next support line at S$17.59.

9. Genting Singapore (SGX:G13)

Looking at the 2 most recent candlesticks, it forms what is called a “bullish engulfing” candlestick pattern, signalling that the trend is about to be reversed from down to up. However, MACD is still in a downtrend. 2 scenarios could happen in the week ahead – in a bullish scenario, the share price could head towards the resistance line at S$0.740; in a bearish scenario, the share price could once again break down the S$0.610 support line, and head towards the next support line at S$0.480.

10. Hongkong Land (SGX:H78)

The share price of Hongkong Land broke below the support line at US$3.99 last week and fell to a low of US$3.60 before trying to break above the support turned resistance line at S$3.99 once again (and failed) before closing at US$3.88 when the market closed last Friday (27 March.) In order for the trend to be reversed from down to up, the share price have to close above US$4.34 when the market closes this Friday (i.e. 03 April.) In a bearish scenario, the share price will move towards the next support line at US$3.64.

11. Jardine Cycle & Carriage (SGX:C07)

For 2 weeks in a row, share price rebounded up whenever it dropped below the S$17.97 support line, suggesting that there could be a strong support formed at this price point. In the week which just ended last Friday (i.e. 27 March), the share price staged a rebound and closed at S$20.29. For the price trend of this one to turn from a bearish to a bullish one, in the week ahead, the share price have to close above S$22.80. Otherwise, in a bearish scenario, the share price could once again test the support line at S$17.97.

12. Jardine Matheson (SGX:J36)

A bullish hammer candlestick has emerged when trading for the week ended last Friday (i.e. 27 March), suggesting a sign of trend reversal (from downtrend to uptrend.) In my opinion, for the trend to be considered as an uptrend, the share price have to first break above US$54.66 when trading closes this Friday (i.e. 03 April.) If the bearish run were to continue, the share price could once again test the support line at US$44.60.

13. Jardine Strategic (SGX:J37)

For 2 weeks in a row, there was a pull back up when the share price broke below the support line at US$20.70, suggesting that the support line at this price point could be a strong one. Jardine Strategic’s share price closed at US$22.23 when market closed last Friday (i.e. 27 March.) In my opinion, the trend is still considered to be a bearish one – it has to close above US$23.56 when market closes this coming Friday (i.e. 03 April) in order for the trend to be considered as bullish. However, in a bearish scenario, the share price could once again test the support level at US$20.70.

14. Keppel Corporation (SGX:BN4)

Keppel Corporation’s share price recovered after falling to a low of S$4.82 during the course of the week to close at S$5.43. The trend is still considered as a downward one in my opinion; in order for the trend to be considered as an upward one, it have to close above S$6.00 when market closes this coming Friday (i.e. 03 April.) In a bearish scenario, the share price is likely to once again break below the support line at S$5.24, and move towards the next support line at S$4.72.

15. Mapletree Commercial Trust (SGX:N2IU)

Mapletree Commercial Trust’s unit price fell to a low of S$1.53, before rebounding upwards and closed at S$1.89 last Friday (i.e. 27 March.) Trend is still a downward one in my opinion – it have to break above S$2.00 in order for the trend to be considered as an upward one. Otherwise, should the bearish trend were to continue in the week ahead, it is likely to break below S$1.87 support line and once again retest the support lines at S$1.77 and S$1.67.

16. Mapletree Logistics Trust (SGX:M44U)

The unit price of the logistics REIT rebounded strongly last week, where it closed at S$1.60. In order for the trend to be considered as an upward moving one, in my opinion, the unit price have to break above S$1.64 when trading closes this coming Friday (i.e. 03 April.) Otherwise, it is likely that the unit price will break below the support line at S$1.58, and towards the next support line at S$1.51.

17. OCBC (SGX:O39)

Together with the candlestick formation the week before, a “bullish engulfing” candlestick pattern have formed, suggesting a bullish movement might follow in the week ahead. However, MACD is still in a downtrend. 2 scenarios could happen this week in my opinion – in a bullish scenario, the share price could break above the resistance line at S$8.94 and head towards the next resistance line at S$9.33; in a bearish scenario, the share price could once again break below the support line at S$8.55 and move towards the next support line at S$8.16.

18. SATS (SGX:S58)

The share price of SATS rebounded last week, where it closed at S$3.38 last Friday (i.e. 27 March.) For the trend to be considered as an upward moving one, the share price have to close above S$3.50 when trading closes this Friday (i.e. 03 April.) If the bearish trend were to continue, then it is likely that the share price will break below the support line at S$3.36 and head towards the next level of support at S$3.16.

19. Sembcorp Industries (SGX:U96)

Sembcorp Industries’ share price rebounded from the support line at S$1.49 to close at S$1.64 last Friday. In order for the trend to be considered as an upward moving one, the share price have to close above S$1.70 when trading closes this coming Friday (i.e. 03 April.) In a bearish scenario, the company’s share price is likely to head back down to the S$1.49 support line once again.

20. SGX (SGX:S68)

SGX’s share price movement last week was a bullish one, where it closed at S$9.04. In the week ahead, the share price could either test the resistance line at S$9.12 (and if it breaks above this resistance line, then the share price could once again hit the company’s current 52-week high at S$9.39), or in a bearish condition, the share price could break down the support line at S$8.78 and head towards the next support line at S$8.44.

21. SIA (SGX:C6L)

There was a rebound in SIA’s share price after falling to a low of S$5.28 last week, where it closed at S$6.08. For the price trend of this one to turn from a downward moving one to an upward moving one, it has to close above S$6.90 when trading for the week closes on Friday (i.e. 03 April.) In a bearish scenario, the share price is likely to break below the support line at S$5.82 and head towards the next support line at S$5.42.

22. SingTel (SGX:Z74)

Looking at the candlestick formation for the 2 most recent weeks, it forms what is called a “bullish engulfing” candlestick pattern, suggesting that the share price could trend upwards in the week ahead. That said, however, MACD is still in a downtrend. Hence, 2 scenarios could happen in the week ahead – in a bullish scenario, the share price could continue to trend upwards towards the S$2.74 resistance line; in a bearish scenario, the share price could break down the S$2.56 support line and head towards the next level of support at S$2.38.

23. SPH (SGX:T39)

SPH’s share price touched the red downtrend line at S$1.86 before rebounding down and closing at S$1.83. In the week ahead, should the share price be able to break above the red downtrend line, then it could possibly head towards the resistance line at S$1.95. Otherwise, it may break down towards the support line at S$1.80, and if it continues to break downwards, the share price is likely to head towards the next support line at S$1.65.

24. ST Engineering (SGX:S63)

After falling for 2 weeks in a row, ST Engineering’s share price recovered some grounds last week – where it closed at S$3.05 last Friday (i.e. 27 March.) For the trend to reverse (from downward moving trend to an upward moving one), the share price must close above S$3.65 when market closes on Friday (i.e. 03 April.) If the bearish run were to continue, the share price could once again re-test the support line at S$2.91.

25. ThaiBev (SGX:Y92)

There was a pretty strong rebound for ThaiBev’s share price last week, where it closed at S$0.610 last Friday (i.e. 27 March.) For the trend to be considered as an upward moving one, the share price must close above S$0.640 when market closes this Friday (i.e. 03 April.) If the bearish run were to continue, the share price could once again break below S$0.585, and head towards the next support line at S$0.495 in the week ahead.

26. UOB (SGX:U11)

Combined with the candlestick formation the week before, a bullish engulfing candlestick pattern have emerged, suggesting that in the week ahead, the share price movement of UOB could trend upwards. However, MACD is still in a downtrend. As such, 2 possible scenarios could happen in the week ahead – if the share price were to trend upwards in the week ahead, it could break above the resistance line at S$20.37, and head towards the next resistance line at S$21.82; otherwise, the share price could break down the S$18.92 support line and once again head towards the next support line at S$17.47.

27. UOL (SGX:U14)

Looking at the candlestick formation for the most recent 2 weeks, a “bullish engulfing” candlestick pattern have emerged, suggesting that in the week ahead, the share price could trend upwards. However, MACD is still in a downtrend. As such, 2 possible scenarios could happen here – in a bullish scenario, the share price could break above the S$6.83 resistance line and head towards the next resistance line at S$7.31; in a bearish scenario, the share price could head towards the support line at S$6.35 and if it continues to break down, it is likely to head towards the next support line at S$5.87.

28. Venture Corporation (SGX:V03)

There was some pullback to Venture Corporation’s share price after falling to a low of S$12.52 during the week, where it closed at S$13.96 last Friday (i.e. 27 March.) For a reversal of trend (i.e. from downward moving trend to an upward moving one) to happen, the share price have to close above S$14.97 when trading closes this coming Friday (i.e. 03 April.) However, should the downtrend were to continue, its share price is likely to once again test the support line at S$13.30.

29. Wilmar International (SGX:F34)

Just like many of the other blue chip companies, Wilmar’s share price too staged a rebound this week, where after falling to a low of S$2.83, it reversed upwards and finished the week at $3.22. However, for the trend reversal to happen, the share price have to close above S$3.35 on Friday (i.e. 03 April.) If the bearish run were to continue, the share price could once again break below the support line at S$3.15 and head towards the next level of support at S$3.02.

30. Yangzijiang Shipbuilding (SGX:BS6)

Yangzijiang’s share price continued to recover last week, where it closed at S$0.850. However, the trend in my opinion have not reversed – it has to close above S$0.875 at the end of the week (i.e. 03 April) in order for the trend to be considered as reversed (from a downward moving one to an upward moving one.) On the other hand, should the bearish run were to continue, the share price may once again test the support line at S$0.730.

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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