“I thought there will be no weekly updates for the possible movement of the STI and all the 30 blue chip companies’ share prices today?”

Yes, I did mention that I will be resuming my weekly updates next week due to the time needed to draft the summary of DBS’ AGM last Thursday (30 April.) But since I’ve managed to finish and posted it the following day (yes, I spent some time even on a Labour Day public holiday to work on it so that you can get updated on the latest regarding the bank as soon as possible, and you can read the post here in case you’ve missed it), I will continue to provide my weekly update on the possible movement of the STI and all 30 blue chip companies’ share price today for the short trading week ahead (there are only four trading days this week due to Vesak Day public holiday this Thursday, 07 May.)

Before you continue, I’d like to remind you that everything that I’m about to share with you in this post is based on my technical analysis for educational purposes only – they are not any buy or sell calls for any of the blue chip companies. You’re reminded to always do your own due diligence before you make any trading or investing decisions.

To start, let us take a look at the movements of the STI on a weekly timeframe:

The STI recovered after falling last week, where it bounced above the green uptrend line, and closed just slightly under the resistance line at 2,628 points.

In the week ahead, should the STI be able to break above the resistance line at 2,628 points, then there’s a high chance that it may attempt to once again break above 2,650 points – which is a 20% recovery from the trough of 2,209 points recorded in mid-March 2020, and this also signals the start of a new bull run in the STI if the index manage to close above 2,650 points on Friday (08 May 2020.)

Now, let us take a look at the weekly share price movements of each of the 30 blue chip companies, and how their share prices may likely move in the week ahead:

1. Ascendas REIT (SGX:A17U)

Ascendas REIT’s unit price recovered after falling in the previous week, where it broke above the S$2.89 resistance line, and also the red downtrend line at around S$2.93 to close at S$2.97 (an improvement of 9.59% compared to the previous week.)

From the looks of the MACD and RSI, the unit price of Ascendas REIT seem likely to continue its upward climb in the week ahead, where it may attempt to break above the S$3.02 resistance line and trend higher from there.

2. CapitaLand (SGX:C31)

After falling to the support line at S$2.82 the week before, CapitaLand’s share price bounced back up, where it closed just one-cent under the resistance line, at S$3.01.

Looking at the higher trading volume last week (compared to the week before), I personally feel that the share price of the conglomerate may attempt to break above the S$3.02 resistance line and move higher. Should it fail to break above this resistance line, then its share price may retreat once again back to the support at S$2.82.

3. CapitaLand Commercial Trust (SGX:C61U)

Just like Ascendas REIT and CapitaLand, the unit price of CapitaLand Commercial Trust too bounced back up after falling the week before, where it closed at the resistance line at S$1.61.

In the week ahead, should the unit price be able to break above the S$1.61 resistance line at a high volume, then it could move towards the next resistance line at S$1.74; otherwise, it may retreat down to the S$1.48 support line.

4. CapitaLand Mall Trust (SGX:C38U)

CapitaLand Mall Trust’s unit price went up by 21 cents (or 12.50%) compared to last week to close at S$1.82, just a few cents away from the S$1.92 resistance line.

Looking at the candlestick patterns of this week and the last, it forms what is called a “bullish engulfing” candlestick pattern, suggesting that the unit price may attempt to test and break above the S$1.92 resistance line in the week ahead; however, the trading volume compared to the week before is lesser, suggesting that it’s also possible that the unit price may retreat to the S$1.82 support line.

5. City Developments (SGX:C09)

Just like the companies I’ve mentioned so far, which have seen their share prices closing at a higher price compared to last week, City Developments’ share price movement also exhibited a similar behaviour, where it bounced back to close at S$7.96.

Also, when we look at the candlestick patterns of last week and the week before, it forms the “bullish engulfing” candlestick pattern, suggesting that the conglomerate’s share price may continue to move higher towards the S$8.23 resistance line.

That said, however, due to a slightly lower trading volume (compared to the week before), it is also possible that the share price may retreat back to the S$7.56 support line in the week ahead.

6. ComfortDelGro (SGX:C52)

ComfortDelGro’s share price rebounded after falling to the S$1.43 support line to close at S$1.65 on Thursday (30 April.)

Also, looking at the candlestick patterns for the most recent two weeks (the week that just ended and the week before), it forms a “bullish engulfing” candlestick pattern. On top of that, this week’s trading volume is also higher than the last, suggesting that there’s a high possibility that in the week ahead, the share price of the public transport company may trend higher, and test the S$1.69 resistance line.

7. Dairy Farm International (SGX:D01)

The share price of Dairy Farm International closed slightly higher when trading for the week ended last Thursday (30 April), where it went up by 5 US cents (or +1.05%) compared to last week to close at US$4.79.

The candlestick pattern formed was a doji – suggesting an indecision on the movement of the company’s share price. As such, in the week ahead, I feel that its share price could either break above US$4.88 and trend higher, or fall back under the red downtrend line and head towards the US$4.36 support line.

8.DBS (SGX:D05)

The share price of DBS went up by S$1.29 (or +6.91%) to close at S$19.96, and in the process breaking above the S$19.75 resistance line.

Also, if we look at the candlestick pattern of the trading week that just ended with the previous week, it forms a “bullish engulfing” candlestick pattern. This, accompanied by a higher trading volume (compared to the week before) suggests that it is likely that the bank’s share price may trend higher in the week ahead, where it could possibly move up to the S$20.83 resistance line.

9. Genting Singapore (SGX:G13)

Genting Singapore’s share price rebounded after falling to the S$0.740 support line the week before to finish the week at S$0.785.

While MACD is about to cross upwards into an uptrend position, but the trading volume last week is lower than the week before, suggesting that in the week ahead, its share price could move in two directions – a positive one, where it could move up towards the red downtrend line at S$0.845, or a negative one, where it could retreat towards the S$0.740 support line once again.

10. Hongkong Land (SGX:H78)

Hongkong Land’s share price recovered after it fell to the US$3.99 support line the week before, to close at S$4.21 (up by US 0.21 cents, or +5.25%.)

Personally, I feel that its share price could move in either direction in the week ahead – either up towards the resistance line at US$4.34 or down towards the support line at US$3.99 once again.

11. Jardine Cycle & Carriage (SGX:C07)

Jardine Cycle & Carriage’s share price continued to fall, where it closed just slightly above the S$20.03 support line at S$20.11.

Looking at its increasing trading volume (compared to last week), personally I feel that in the week ahead, it is likely that the company’s share price may break below the S$20.03 support line and trend lower.

12. Jardine Matheson (SGX:J36)

Just like Jardine Cycle & Carriage, Jardine Matheson’s share price continued to plunge last week, where it went down by another US$3.15 (or -6.69%) to close at US$43.96.

Also, in terms of its trading volume, it is higher compared to last week, suggesting that in the week ahead, the conglomerate’s share price may continue to fall towards the next support line at US$39.45.

13. Jardine Strategic (SGX:J37)

Just like the 2 Jardine companies I’ve looked at above, Jardine Strategic’s share price movements last week exhibited the same behaviour, where it fell by US$1.31, or -5.73%, to close at US$21.55 (in the process, it broke under the US$22.80 support line.)

Also, just like the 2 Jardine companies, the trading volume for the week that just ended was also higher compared to the previous week, suggesting that its share price movement may continue to retreat in the week ahead – where it could move towards the US$20.70 support line.

14. Keppel Corporation (SGX:BN4)

Keppel Corporation’s share price broke above the S$5.76 resistance line on a higher trading volume (compared to the week before) to close at S$5.98, at where the green uptrend line is.

Personally, I feel that its share price movement could continue to move upwards in the week ahead, where it could head towards the S$6.36 resistance line.

15. Mapletree Commercial Trust (SGX:N2IU)

The unit price of the REIT rebounded sharply, where it went up by 20 cents, or +11.36, to close at S$1.96, just one cent away from the resistance line at S$1.97.

I feel that in the week ahead, the REIT’s unit price may attempt to break above the S$1.97 resistance line and move higher – if it manage to successfully do so on a high volume, then it could move up to the next resistance line at S$2.07.

16. Mapletree Logistics Trust (SGX:M44U)

The unit price of the logistics REIT went up to the red downtrend line at S$1.83, failed to break above it, and bounced down – where it closed at S$1.80.

In the week ahead, the REIT’s unit price may attempt to try and break above this red downtrend line again and, should it be able to do so on a high volume, then it could move up towards the next resistance line at S$1.86.

17. OCBC (SGX:O39)

The share price of OCBC broke above the S$8.94 resistance line to close at S$9.04 last Thursday (30 April.) Trading volume compared to the week above was also higher, suggesting that it is likely that the bank’s share price may trend higher in the week ahead – where it could move up to the next resistance line at S$9.33.

However, do take note that the bank will be releasing its Q1 FY2020 results for the quarter ended 31 March 2020 on Friday (08 May) before trading hours – and depending on its results, its share price movements could be positively or negatively impacted.

18. SATS (SGX:S58)

SATS’s share price also recovered last week, where it broke above the S$3.16 resistance line to close at S$3.28.

Compared to the week before, the trading volume was also higher, suggesting that it is likely that the share price of this one may continue to move upwards towards the S$3.36 resistance line.

However, with the news that its profits for Q4 FY2019/20 ended 31 March 2020 will be down by approximately 60-70% no thanks to the negative impacts of the Covid-19 outbreak on the company’s operations, there’s also a possibility that the company’s share price may tumble in the week ahead.

19. Sembcorp Industries (SGX:U96)

Sembcorp Industries’ share price recovered after falling to near the support line at S$1.49 the week before to close at S$1.62 on Thursday (30 April) – up by 12 cents, or +8.00%.

However, one thing to note is that, the trading volume was slightly lower compared to the week before, suggesting that its share price may move in either direction in the week ahead – either up to the S$1.70 resistance line or back down to the S$1.49 support line.

20. SGX (SGX:S68)

From the looks of the candlestick last week, its share price attempted to recover but failed, where it closed at S$9.65.

Personally, I feel that the company’s share price for the week ahead may move in either direction, either up towards the S$9.80 resistance line (and if it manages to break above it on a high volume, then it could possibly move up towards the next resistance line at S$10.14), or down to the $9.46 support line.

21. SIA (SGX:C6L)

SIA’s share price ended the week on Thursday (30 April) at S$6.11, right where the red downtrend line is. Compared to the week before, its share price went up slightly by 7 cents, or +1.16%.

In my personal opinion, the share price of Singapore’s national carrier may move in either direction in the week ahead – either up to S$6.22 resistance line, or creep back under the red downtrend line and head towards the S$5.82 support line.

22. SingTel (SGX:Z74)

SingTel’s share price broke out of the red downtrend line and also the resistance line at S$2.74 to close at S$2.83 on Thursday (30 April.)

Looking at its higher trading volume compared to the week before, I personally feel it is likely that the telecommunications company’s share price will move higher in the week ahead, where it could attempt to break above the S$2.92 resistance line.

23. SPH (SGX:T39)

SPH’s share price rebounded back above the support turned resistance line at S$1.50 last week to close just slightly above, at S$1.52.

However, as the trading volume is lower compared to the week before, I feel that there’s still weakness in the company’s share price movements in the week ahead, where it could possibly break under this S$1.50 support line once again.

24. ST Engineering (SGX:S63)

ST Engineering’s share price recovered after falling to where the green uptrend line is last week, where it went up by 20 cents, or +6.19%, to close just one cent above the S$3.42 resistance line (at S$3.43.)

However, as the trading volume last week was lower compared to the week before, in the week ahead, it is possible that the share price could break under the resistance turned support line at S$3.42 and move towards the next support line at S$3.25.

25. ThaiBev (SGX:Y92)

Compared to the week before, the share price of ThaiBev closed somewhat the same, at S$0.690.

Looking at the candlestick patterns for the past 3 weeks, I noticed there’s a rejection of higher prices above the S$0.695 to S$0.700 price point. As such, in the week ahead, my personal opinion is that, unless the share price manage to break above S$0.700 on a high volume, it is likely that the share price could once again test the support line at S$0.675.

26. UOB (SGX:U11)

The share price of UOB ended the week last Thursday (30 April) at S$20.34, just 3 cents away from the resistance at S$20.37.

Looking at the trading volume, it is higher compared to the week before, suggesting it is likely that the share price of the Singapore bank may break above the resistance line at S$20.37 in the week ahead to move higher.

But having said that, the bank will be releasing its financial results for the first quarter of 2020 ended 31 March 2020 on Wednesday, 06 April, before trading hours – and depending on its results, its share price could move in either direction.

27. UOL (SGX:U14)

Just like the week before, the share price of UOL attempted, but failed, to break above the resistance line at S$6.83.

Looking at the trading volume, where it is higher compared to the week before, it is likely that its share price may attempt to once again break above this resistance line – should it manage to do so successfully and on a high volume, then it could move up towards the S$7.31 resistance line.

28. Venture Corporation (SGX:V03)

The share price of Venture Corporation recovered after falling the week before, where it closed at S$15.85 – up by 67 cents or +4.41%. Trading volume was somewhat the same compared to last week.

Personally, I feel that in the week ahead, its share price may attempt to break above the S$16.00 resistance line and trend higher (if it manages to break this resistance line on a high volume.)

29. Wilmar International (SGX:F34)

The share price of Wilmar International rebounded last week, where it broke above the red downtrend line and also the resistance line at S$3.54 to close at S$33.57. In terms of trading volume (compared to the week before), they are somewhat the same.

In the week ahead, my personal opinion is that its share price could either continue to move higher to the next resistance line at S$3.67, or it could once again break down the S$3.54 resistance turned support line and trend lower from there.

30. Yangzijiang Shipbuilding (SGX:BS6)

Yangzijiang’s share price closed at somewhat the same price compared to the week before. The candlestick pattern is a doji – suggesting that there’s indecision on the share price movement.

As such, I feel that its share price in the week ahead could either move up (where it will attempt to break above the S$1.02 resistance line), or it could move down towards the support line at S$0.895.

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.

Launch Event for My First Book: building your REIT-irement portfolio

After months of hard work, my first book, 'Building Your REIT-irement portfolio' is finally ready! In this easy-to-follow 178-page guide, you'll learn everything you need to know about building a REIT portfolio that can provide for you in your retirement years. You can check out a preview of the book here.

I'm extremely thankful to the team at InvestingNote and ShareInvestor for their help to organise a book launch event for me on Tuesday, 26th September 2023, from 6:00pm to 8:00pm at their office in New Tech Park.

For more details and to RSVP (seats are extremely limited), click on the link below:

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