Last week, Singapore’s benchmark Straits Times Index (or STI) failed to capitalise on the gain and break above the resistance line at 2,628 points. Instead, it bounced down, hits the support line at 2,534 points, and bounced back up once again, closing at 2,591 points – down by 32 points (or 1.23%) on Friday (08 May):

The candlestick pattern formed in the latest week is a doji – meaning an indecision on the direction of the moment. As such, in the week ahead, my personal take is that the STI will continue to move within the range of between 2,534 points (where the support line is) and 2,628 points (where the resistance line is.)

Now, let us take a look at each of the 30 blue chip companies’ share price movements (based on their weekly share price movements), and how their share prices may possibly move in the week ahead (between 11 and 15 May 2020) – do take note that everything that you find below is based purely on my technical analysis for sharing only, and they do not represent any buying or selling calls for any of the companies; please do your own due diligence before you make any trading/investing decisions:

1. Ascendas REIT (SGX:A17U)

After breaking above the S$2.89 resistance line last week, Ascendas REIT’s unit price climbed up further to the next resistance line at S$3.02 before bouncing down, and eventually closing at S$2.93 last Friday (08 May.)

The candlestick pattern formed was a doji – meaning an indecision on the direction of the REIT’s unit price movement. As such, in the week ahead, its unit price may move in either direction – either up to the S$3.02 resistance line, or once again testing the S$2.89 support line, and if it breaks down on a high volume, it could move towards the next support line at S$2.76.

2. CapitaLand (SGX:C31)

CapitaLand’s share price closed at S$2.93 last Friday (08 May) – compared to the week before, it was down by 8 cents, or 2.66%.

The candlestick pattern was a doji, suggesting a possible indecision in terms of the direction of its share price movements. In the week ahead, I feel that its share price will continue to move within the support (at S$2.82) and resistance lines (at S$3.02.)

3. CapitaLand Commercial Trust (SGX:C61U)

Just like the previous week, CapitaLand Commercial Trust’s unit price attempted to break above the S$1.61 resistance line, but failed once again, and eventually closed at S$1.59.

In the week ahead, I feel that the share price will once again attempt to break above the S$1.61 resistance line – should it finally do so on a high volume, then its unit price could move up to the next resistance line at S$1.74.

4. CapitaLand Mall Trust (SGX:C38U)

CapitaLand Mall Trust’s unit price, compared to the week before, went down by 4 cents to close at S$1.85 – 3 cents above the support line at S$1.82.

The candlestick pattern formed in the week that just passed was a doji – meaning an indecision about the direction of the REIT’s unit price movement. As such, in the week ahead, I feel that the retail REIT’s unit price may move in either direction – either up towards the S$1.92 resistance line, or once again test the S$1.82 support line, and should it break under this line on a high volume, then its unit price may move towards the next support line at S$1.72.

5. City Developments (SGX:C09)

City Developments’ share price moved within the range between the support (at S$7.56) and resistance line (at S$8.23) for the whole of last week, where it closed at S$8.00 last Friday (08 May.)

This is the second week in a row where the conglomerate’s share price finished higher (compared to the previous week), suggesting that its highly likely that its share price is likely to continue to trend upwards in the week ahead – up to the S$8.23 resistance line.

6. ComfortDelGro (SGX:C52)

ComfortDelGro’s share price closed 6 cents lower last Friday (08 May) compared to the week before at S$1.59.

The candlestick pattern was a doji – suggesting that there’s an indecision in the direction of the company’s share price movement. As such, in the week ahead, I feel that its share price may either move up towards the S$1.69 resistance line, or down towards the S$1.43 support line.

7. Dairy Farm International (SGX:D01)

Dairy Farm International’s share price ended last week largely unchanged. Also, just like the week before, it is another doji candlestick pattern – suggesting an indecision in the direction of its share price movements.

As such, in the week ahead, I feel that its share price may move in either direction – either up towards the US$4.88 resistance line, or down towards the US$4.36 support line.

8. DBS (SGX:D05)

DBS’ share price attempted to break above the S$19.75 resistance line and move higher but failed, and the share price eventually closed just slightly under it, at S$19.70.

The candlestick pattern formed at the end of last week was a doji – suggesting an indecision in the direction of its share price movement. As such, in the week ahead, its share price may either break above the S$19.75 resistance line and move towards the next resistance line at S$20.83, or down to the support line at S$18.67.

However, do take note that the bank will be going ex-dividend on 12 May for a total dividend payout of 66.0 cents/share (33.0 cents/share declared when the bank released its Q4 FY2019 results, and another 33.0 cents/share declared when the bank released its Q1 FY2020 results, with payout on 26 May.) As such, the share price of the bank may go down by 66.0 cents after it goes ex-dividend.

9. Genting Singapore (SGX:G13)

Genting Singapore’s share price dropped by 2 cents compared to the previous week, to close at S$0.765 last Friday (08 May.)

I also noticed that the trading volume have been decreasing for consecutive weeks, suggesting that its share price may be on the verge of coming down. As such, I feel that in the week ahead, its share price is likely to test the S$0.740 support line – and if it falls below this line on a high volume, then it is likely to move towards the next support line at S$0.610.

10. Hongkong Land (SGX:H78)

Hongkong Land’s share price moved within the range between the support line (at US$3.99) and resistance line (at US$4.34) for the whole of last week – it eventually closed at US$4.11 last Friday (08 May.)

Its share price have been moving in a range between the support (US$3.99) and resistance (US$4.34) lines since two weeks ago and as such, I personally feel that its share price will continue to move likewise in the week ahead.

11. Jardine Cycle & Carriage (SGX:C07)

The share price of Jardine Cycle & Carriage fell below the S$20.03 support line before bouncing back up, to close at S$20.34 on Friday (08 May.)

However, as the trading volume is very much lower compared to the week before, I personally feel that it is likely that the share price may once again fall under the S$20.03 support line and trend lower in the week ahead.

12. Jardine Matheson (SGX:J36)

Jardine Matheson’s share price bounced back up last week, where it broke above the support turned resistance line at US$44.60, to close at US$45.50 last Friday (08 May.)

However, as the trading volume is lower compared to the week before, coupled with the fact that MACD is in a downtrend, my personal take is that the conglomerate’s share price may once again break under the US$44.60 support line and move towards the next support line at US$39.45.

13. Jardine Strategic (SGX:J37)

Jardine Strategic’s share price moved in a tight range between a low of US$21.10 and a high of US$21.99 last week – it eventually closed at US$21.75 last Friday (08 May.)

The candlestick pattern was a doji – suggesting an indecision on the direction of the conglomerate’s share price movement. As such, in the week ahead, its share price may either move towards the resistance line at US$22.80, or towards the support line at US$20.70.

14. Keppel Corporation (SGX:BN4)

Keppel Corporation’s share price continued its upward movement last week – where it went up by 6 cents, or 1.00%, to close at S$6.04 on Friday (08 May.)

Last week was also the second week in a row where the conglomerate’s share price recorded a higher close compared to the week before. Coupled with its MACD about to cross upwards into an uptrend position, it is highly likely that in the week ahead, its share price will continue to move in an upward direction towards the resistance line at S$6.36.

15. Mapletree Commercial Trust (SGX:N2IU)

Just like the previous week, the unit price of Mapletree Commercial Trust once again attempted to break above the S$1.97 resistance line, but failed to do so once again. Its unit price eventually bounced down and closed at S$1.90 on Friday (08 May.)

In the week ahead, I personally feel that its share price will continue to move along the green uptrend line and once again attempt to break above the S$1.97 resistance line for the third straight week – if it is able to do so on a high volume, then its unit price may move towards the next unit price at S$2.07.

16. Mapletree Logistics Trust (SGX:M44U)

The unit price of Mapletree Logistics Trust attempted to break above the red downtrend line at around S$1.82 and trend higher, but eventually it broke down once again after touching the S$1.86 resistance line, and closed at S$1.80, just a cent away from the S$1.79 support line.

Looking at the MACD (which is about to cross into an uptrend position), I feel that it is likely that the unit price will once again attempt to break above the red downtrend line and move towards the resistance line at S$1.86 in the week ahead.

17. OCBC (SGX:O39)

The share price of OCBC attempted to break above the resistance line at S$8.94, but failed, and bounced down again to close at S$8.88 last Friday (08 May.)

In the week ahead, I feel that the bank’s share price may continue to move along the green uptrend line, and attempt to break above the S$8.94 resistance line once again – if it is able to do so on a high volume, then it may trend higher to the resistance line at S$9.33.

18. SATS (SGX:S58)

SATS’ share price plummeted during the week, where it fell by 31 cents (or 9.45%) compared to last week to close just 3 cents shy of S$3.00, at S$2.97.

The trading volume for the week that just passed was higher compared to the week before, suggesting that there’s a high possibility that its share price may break under the support line at S$2.96 in the week ahead and trend lower to the next support line at S$2.76.

19. Sembcorp Industries (SGX:U96)

The share price of Sembcorp Industries moved in a range in the week that just passed – between a low of S$1.54 and a high of S$1.60. The candlestick pattern was a doji, suggesting an indecision in the direction of the company’s share price movement.

As such, I feel that the company’s share price may move in either direction in the week ahead – either up towards the S$1.70 resistance line, or down towards the S$1.49 support line.

20. SGX (SGX:S68)

SGX’s share price fell under the support line at S$9.46, before recovering strongly, where it even broke above the S$9.80 resistance line, to finish the week (on 08 May) at S$9.81.

Looking at the MACD, as well as the RSI, it seems likely that the share price may continue to move higher in the week ahead, towards the next resistance line at S$10.14.

21. SIA (SGX:C6L)

SIA’s share price closed at S$4.41 last Friday (08 May), an increase of 11 cents (or 2.44%) from last week.

Looking at the national carrier’s share price movements for the past couple of weeks, it seems that there’s a rejection of lower prices below S$4.22. Also, looking at the MACD and RSI, I personally feel it is likely that the share price of SIA may move up towards the S$4.62 resistance line in the week ahead.

However, do take note that, from 13 May to 21 May, the company’s rights will be trading on the open market (you can read more about it here), and the mother share may move in accordance to the price of the rights.

22. SingTel (SGX:Z74)

SingTel’s share price broke under the S$2.74 support line last week, and closed at S$2.72 when trading for the week ended on Friday (08 May.)

As the candlestick resembles a doji – meaning an indecision in terms of the direction of a company’s share price movements, in the week ahead, I personally feel the share price may move in either direction – if it is able to break above the S$2.74 support turned resistance line on a high volume, then it could trend up to the next resistance line located at S$2.92; otherwise, it could sink under the red downtrend line, and trend lower towards the support line at S$2.56.

23. SPH (SGX:T39)

The share price of SPH continued to recover last week, after falling to a low of S$1.38 3 weeks ago. It eventually closed at S$1.54 on Friday (08 May), an improvement of 2 cents (or 1.32%) compared to the week before.

As the trading volume for the week that just ended was higher compared to the week before, I personally feel the share price of SPH is likely to trend higher this week, moving towards the resistance line at S$1.65.

24. ST Engineering (SGX:S63)

The most recent candlestick pattern of ST Engineering is a doji, suggesting an indecision in the direction of the company’s share price movement.

As such, I feel that its share price may move in either direction in the week ahead – either up towards the S$3.42 resistance line, or down towards the S$3.25 support line.

25. ThaiBev (SGX:Y92)

The share price of ThaiBev moved within the support line (at S$0.675) and resistance line (at S$0.765) last week, just like the week before.

One thing to note about ThaiBev’s share price movements here is that, over the past 4 weeks (including the week that just passed), there seem to be a rejection of higher prices above S$0.695 (meaning the share price gets pulled down very quickly after it climbs above S$0.695.) In the week ahead, I’d be on a lookout on whether or not the share price of the company manage to cross above S$0.695 on a high volume – if it does, then its share price is likely to continue to trend higher, towards the S$0.765 resistance line; if not, its share price may likely bounce down towards the S$0.675 support line once again.

26. UOB (SGX:U11)

The share price of UOB trended in a range between S$19.50 and S$20.08 last week. It eventually closed at S$19.88 – down by 46 cents, or 2.26% compared to the week before.

The candlestick pattern was a doji, suggesting an indecision in the direction of its share price movements. Looking at the week ahead, I personally feel its share price may move in either direction – if it can break above the S$20.37 resistance line on a high volume, it is likely to trend higher towards the next resistance line at S$21.82; otherwise, if it breaks under the S$18.92 support line on a high volume, then it will trend lower towards the next support line at S$17.47.

27. UOL (SGX:U14)

The share price of UOL broke above the S$6.83 resistance line last week to close at S$6.96 on Friday (08 May.)

Looking at the MACD (which is about to cross upwards into an uptrend position), it is likely that the share price of UOL may continue to move higher in the week ahead, towards the S$7.31 resistance line.

28. Venture Corporation (SGX:V03)

The share price of Venture Corporation ended the week slightly lower compared to the previous week, at S$15.74 – down by 11 cents or 0.69%.

Its MACD is about to cross upwards into an uptrend position, suggesting that in the week ahead, its share price is likely to move towards the resistance line at S$16.00 – if it is able to break this line at a high volume, then its share price is likely to trend higher towards the next resistance line at S$17.35.

29. Wilmar International (SGX:F34)

Wilmar International’s share price ended the week last Friday (08 May) at S$3.47, where the red downtrend line is.

In the week ahead, if the company’s share price is able to break above S$3.47 on a high volume, then it is likely that the company’s share price may move towards the S$3.54 resistance line; otherwise, it may test the S$3.41 support line.

30. Yangzijiang Shipbuilding (SGX:BS6)

From the looks of Yangzijiang’s share price movements over the past couple of weeks, it seem to be moving along the red downtrend line.

Looking at the MACD (which is in an uptrend position) and RSI, it seems likely that the company’s share price may continue to move higher compared to last week (where it closed at S$0.990), towards the red downtrend line at around S$1.01 – if it is able to break above this line on a high volume, then its share price is likely to move towards the resistance line at S$1.06.

Announcement: No Weekly Updates for the Next 2 Weeks

I will not be posting any weekly updates of the movement of the STI and all 30 blue chip companies next Monday (18 May) due to other work commitments in the morning before attending OCBC’s virtual AGM for FY2019 in the afternoon (I will be providing a summary of the AGM in due course), as well as the following Tuesday (26 May) as I will be taking a day off for my birthday (still thinking what I can do… any ideas for me? 😊)

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.

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.

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