Before I begin today’s post, a disclaimer – whatever you may read in this post is my personal analysis based on my own technical analysis of the STI, as well as each of the 30 blue chip companies for educational purposes only. They do not represent any buy/sell calls for any of the companies within. Please do your own due diligence before you make any trading/investment decisions.

First, a look at the STI – one of the questions on the minds of many is whether or not a new bull run is commencing.

Now, in order for the market to be considered as a bull market, it must rise more than 20% above the trough – looking at the STI, the peak to trough is 3,545 (attained in end-April 2018) points to 2,208 points (attained in mid-March 2020.) As such, for the market to be turned from a bearish one to a bullish run, it must rise up to at least 2,650 points (i.e. up by more than 20% from the trough of 2,208 points.)

Looking at the movements of the STI last week (screenshot of the weekly movements of the STI can be found immediately below, it broke through the 2,650 points but failed to go up further, but instead reversed downwards and closed at 2,614 points when market for the week closed last Friday (17 April):

As such, there is no official confirmation of the birth of another bull run just yet. In my personal opinion, until the STI closes above 2,650 points for the week, a new bull run’s not here.

In the week ahead, my take is that, the STI may once again attempt to climb above 2,650 points; if it manages to break through this point, the index may rise up to 2,722 points (this is where the next line of resistance is.)

Now, let us take a look at the possible share price movements of each of the 30 blue chip companies in the week ahead (between 20-24 April 2020):

1. Ascendas REIT (SGX:A17U)

The unit price of Ascendas REIT ended the week (on 17 April) at the S$2.89 resistance line. From the upper wick of the candlestick, it showed that the unit price attempted to break above the resistance line during the week but failed.

In the week ahead, the unit price may attempt to try and break above this resistance line once again; if it manages to do so on a high volume, then it may possibly rise up to the next resistance line at S$3.02.

2. CapitaLand (SGX:C31)

The share price of CapitaLand broke out of the red downtrend line last week, and closed at S$2.98 – from the upper wick of the candlestick, it showed that the share price attempted to break above the S$3.02 resistance line during the week, but failed, and bounced back down.

In the week ahead, its share price may once again attempt to break above the S$3.02 resistance line; if it manages to do so at a high volume, then the share price may possibly rise to the next resistance line at S$3.22.

3. CapitaLand Commercial Trust (SGX:C61U)

Looking at the unit price of CapitaLand Commercial Trust last week, it attempted to break above the resistance line at S$1.61 but failed, and bounced down, to finish the week at S$1.55.

Personally, I feel that the unit price may once again attempt to break above the S$1.61 in the week ahead; if it manages to do so on a high volume, then the unit price may continue its upward movement to the next resistance line at S$1.74.

4. CapitaLand Mall Trust (SGX:C38U)

The unit price of CapitaLand Mall Trust continued its move upwards, where it broke above the resistance line at S$1.82 to close at S$1.85 on Friday (17 April.)

In the week ahead, it’s highly likely that the unit price of the retail REIT continue its upward movement to the S$1.92 resistance line.

5. City Developments (SGX:C09)

Looking at this week’s candlestick, and compare it to the previous one, it seems that there’s a rejection of higher prices above S$7.72 (from the upper wick of the 2 candlesticks.)

In the week ahead, it’s likely that the share price may attempt to try and break above the S$7.72 price point, towards the resistance line at S$8.23.

6. ComfortDelGro (SGX:C52)

The share price of ComfortDelGro is at where the red downtrend line is, when the market closed last Friday (17 April), at S$1.52.

Personally, I feel that the share price may move either way in the week ahead – in a bullish scenario, it may move towards the resistance line at S$1.69; in a bearish scenario, it may move down towards the support line at S$1.43.

7. Dairy Farm International (SGX:D01)

The share price of Dairy Farm International broke above the red downtrend line, as well as the $4.88 resistance line to finish the week (ended 17 April) at US$4.95.

Looking at the MACD, I personally feel that the share price may continue continue its upward movement towards the resistance line at US$5.40 in the week ahead.

8. DBS (SGX:D05)

The share price of DBS broke out of the red downtrend line last week, and closed at S$19.28 – during the week, it attempted to break above the S$19.75 resistance line but failed (looking at the upper wick of the candlestick.)

In the week ahead, I personally feel that the share price of the bank may attempt to break above the S$19.75 resistance line once again; should it be able to do so on a high volume, then its share price could continue its upward movement towards the next resistance line at S$20.83.

9. Genting Singapore (SGX:G13)

After failing to break above the S$0.740 resistance line last week, its share price managed to break above this resistance line to close at S$0.755 last Friday (i.e. 17 April.)

Looking at the trading volume over the past 3 weeks, it has been declining, suggesting that its upward movement could be weakening in the week ahead – it could possibly break down the resistance turned support line at S$0.740. However, if it continues its upward movement, then the share price could possibly move up to where the red downtrend line is at around S$0.845.

10. Hongkong Land (SGX:H78)

The share price of Hongkong Land attempted to break above the US$4.34 resistance line during the week but failed, and the share price closed at US$4.28.

Personally, I feel that the share price of the company may once again attempt to break above the US$4.34 resistance line; should it successfully break through this resistance line on a high volume, then it may move upwards towards the next resistance line at US$4.69.

11. Jardine Cycle & Carriage (SGX:C07)

Jardine Cycle & Carriage’s share price continued its upward movement last week, where it closed at S$21.14 – up by S$0.72, or +3.53% compared to the week before.

In the week ahead, the share price may continue its upward climb towards the resistance line at S$22.09.

12. Jardine Matheson (SGX:J36)

The share price of Jardine Matheson broke above the US$49.75 resistance line, moved up to the next resistance line at US$54.90 but failed to break above it, and it eventually closed at US$53.67 last Friday (17 April.)

In the week ahead, the share price could try to break above the resistance line at US$54.90, and move up towards the red downtrend line at around US$56.79.

13. Jardine Strategic (SGX:J37)

Jardine Strategic’s share price continued to move upwards last week, where it closed at US$23.77 last Friday, up by US$0.28, or 1.19% compared to the week before.

In the week ahead, the share price could continue its upward movement towards the US$24.90 resistance line.

14. Keppel Corporation (SGX:BN4)

The share price of Keppel Corporation broke out of the red downtrend line last week, and moved up to the resistance line at S$5.76, before bouncing down slightly to close at S$5.66.

In the week ahead, I personally feel that the share price could once again attempt to break above the S$5.76 resistance line; should it manage to do so on a high volume, then its share price could continue its upward movement towards the next resistance line at S$6.36.

15. Mapletree Commercial Trust (SGX:N2IU)

The unit price of Mapletree Commercial Trust continued its upward movement – where it broke above the S$1.77 resistance line, attempted to try to climb further ahead beyond the S$1.87 resistance line, but failed and closed at S$1.83 last Friday (i.e. 17 April.)

Personally, I feel that its unit price may once again attempt to break above the S$1.87 resistance line and if it manages to do so on a high volume, then its unit price may move towards the S$1.97 resistance line.

16. Mapletree Logistics Trust (SGX:M44U)

After failing to break above the S$1.72 resistance line the week before, Mapletree Logistics Trust’s unit price managed to break above this line last week, to close at S$1.75 when trading for the week ended last Friday (17 April.)

In the week ahead, its unit price could move towards the next resistance line at S$1.79.

17. OCBC (SGX:O39)

OCBC’s share price attempted to break above the red downtrend line but failed, and it eventually dropped below the support line at S$8.94 to finish the week at S$8.86.

In the week ahead, I feel that the share price of OCBC may once again attempt to break above the support turned resistance line at S$8.94, and head up towards the next resistance line at S$9.33. Should it fail to break above the S$8.94 resistance line, it could drop towards the support line at S$8.55.

18. SATS (SGX:S58)

The share price of SATS attempted to break above the S$3.16 resistance line but failed, and closed at S$3.06 last Friday (17 April.)

In the week ahead, its share price could once again attempt to break up the S$3.16 resistance line; if it manages to do so on a high volume, then its share price could move towards the next resistance line at S$3.36.

19. Sembcorp Industries (SGX:U96)

The share price of Sembcorp Industries attempted to break above the red downtrend line but failed, and it closed under this line at S$1.60 last Friday (i.e. 17 April.)

In the week ahead, its share price may attempt to once again break above this downtrend line; should it manage to do so on a high volume, then it could move upwards towards the next resistance line at S$1.70.

20. SGX (SGX:S68)

The share price of SGX broke above the resistance line at S$9.80 last week to close at S$9.83.

However, looking at the trading volume for the past 5 weeks, it has been declining, implying that its upward movement trend may have weakened; as such, its share price could break under the resistance turned support line at S$9.80 in the week ahead. On the other hand, should the bullish run were to continue, then the share price could move towards the next resistance line at S$10.14.

21. SIA (SGX:C6L)

The share price of SIA managed to barely climb above the S$6.22 resistance line to close at S$6.23 when trading last week closed on Friday (17 April.)

In the week ahead, its share price could attempt to break above the red downtrend line at around S$6.46; if it manages to do so on a high volume, then it could move towards the next resistance line at S$6.62.

22. Singtel (SGX:Z74)

SingTel’s share price continued its upward movement last week, where it managed to break above the S$2.74 resistance line, but failed to break above the red downtrend line at around S$2.83. Its share price closed at S$2.76 on Friday (17 April.)

In the week ahead, its share price is very likely to re-attempt to break above the red downtrend line and if it manages to do so on a high volume, then it could move towards the resistance line at S$2.92.

23. SPH (SGX:T39)

Looking at the candlestick pattern for SPH last week, as well as the week before, it seems to me that the company’s share price fall have bottomed at S$1.50.

As such, 2 scenarios could happen to the company’s share price movements in the week ahead – in a bullish scenario, its share price could move up towards the S$1.65 resistance line; in a bearish scenario, its share price could once again test the support line at S$1.50.

24. ST Engineering (SGX:S63)

ST Engineering’s share price broke above the S$3.25 resistance line, and even attempted to break above the S$3.42 resistance line, but failed and the share price closed at S$3.36 last Friday (17 April.)

In the week ahead, its share price could once again attempt to break past the S$3.42 resistance line; should it manage to do so at a high volume, then it could move upwards towards the next resistance line at S$3.59.

25. ThaiBev (SGX:Y92)

The share price of ThaiBev broke above the S$0.675 resistance line, and closed at the red downtrend line at S$0.695.

However, looking at the trading volume over the past 4 weeks, it has been declining – suggesting that the upward movement may have weakened. As such, in the week ahead, 2 scenarios may happen – in a bullish state, its share price could move towards the S$0.765 resistance line; in a bearish state, its share price could break below the S$0.675 support line.

26. UOB (SGX:U11)

UOB’s share price attempted to break above the S$20.37 resistance line but failed, and its share price closed at S$20.02.

In the week ahead, its share price may attempt to once again break above the S$20.02 resistance line; if it manages to do so on a high volume, then its share price could head towards the red downtrend line at around S$20.90.

27. UOL (SGX:U14)

The share price of UOL broke above the S$6.83 resistance line last week (after failing to break above this line the week before), and even attempted to break out of the red downtrend line but failed – its share price eventually closed at S$6.88 last Friday (i.e. 17 April.)

In the week ahead, its share price could once again try to break above this red downtrend line and if it manages to do so successfully, it could move up towards the next resistance line at S$7.31.

28. Venture Corporation (SGX:V03)

Venture Corporation’s share price continued its upward climb, where it attempted to break above the resistance line at S$16.00 but failed, and it eventually closed just slightly below the resistance line at S$15.95.

In the week ahead, its share price could once again attempt to break above this $16.00 resistance line; should it successfully break through this resistance line, its share price could continue its upward movement towards the red downtrend line at around S$16.95.

29. Wilmar International (SGX:F34)

Wilmar’s share price attempted to break above the S$3.54 resistance line but failed, and its share price was pulled all the way back to just one-cent above the support line at S$3.41.

In the week ahead, its share price could once again attempt to break above the S$3.54 resistance line once again; if it manages to do so on a high volume, then its share price could move towards the red downtrend line at around S$3.62.

30. Yangzijiang Shipbuilding (SGX:BS6)

Yangzijiang’s share price continued its upward climb last week, where it attempted to broke through the red downtrend line and also the resistance line at S$1.06 but failed, and its share price eventually closed at S$1.01 on Friday (i.e. 17 April.)

Looking at the MACD and RSI, as well as the high trading volume, it seems very likely that the share price will attempt to break through the S$1.06 resistance line once again; should it successfully do so on a high volume, then its share price could attempt to move towards the S$1.22.

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, Mapletree Commercial Trust, SATS, SIA, SingTel, OCBC, and UOB.

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