After the Singapore’s benchmark index, the Straits Times Index (STI), finally commencing a new bull run the week before (where it recovered by more than 20% from its trough of 2,209 points in mid-March), the week that just ended last Friday (12 June) saw the STI returning some of the gains (largely due to the Fed casting a gloomy outlook of the economy in the next 2 years ahead.)

Particularly, the STI shed 67 points, or 2.4%, to close at 2,684 points (bull run still in-tact as it stayed above 2,650 points). The following is the weekly movement of the STI:

The candlestick pattern resembles a doji – implying an indecision on the direction. However, MACD still remains in an uptrend position. As such, in the week ahead, I feel that the STI may move in either direction – should it be able to break above the resistance line at 2,750 points, then it could advance further from there. Otherwise, it could once again retreat to somewhere around 2,650 points.

Moving on, here’s my technical analysis of each of the 30 blue chip companies listed on the Straits Times Index based on their weekly share price movements to share with you.

Let’s begin…

1. Ascendas REIT (SGX:A17U)

Compared to the week before, Ascendas REIT dropped 14 cents (or 4.32%) to close at S$3.10, which is where the support and green uptrend line is.

As MACD still remains in an uptrend position, and that RSI remains above 50.0 (and as such, in an uptrend position as well), I personally feel that the unit price may bounce back in the week ahead. However, should it break under the S$3.10 support line on a high volume, then it could possibly be heading towards the next support line at S$2.88.

2. CapitaLand (SGX:C31)

The share price of the conglomerate failed to break above the red downtrend line located around S$3.23 and trend higher, but instead plunged below the S$3.21 and S$3.02 support lines to close at S$3.00 last Friday.

However, compared to the week before, the trading volume is lower, coupled with the fact that MACD is still in an uptrend, both suggesting that in the week ahead, its share price is likely to break above the support-turned-resistance line at S$3.02 and move higher from there.

3. CapitaLand Commercial Trust (SGX:C61U)

CapitaLand Commercial Trust’s unit price failed to break above the red downtrend line last week, and ended up trending lower, where it broke under the S$1.81 support line to close at S$1.76 last Friday (12 June.)

In terms of trading volume, it is about the same as last week. Also, the candlestick pattern is a doji, suggesting an indecision on the direction of the REIT’s unit price movement.

While MACD is still in an uptrend, but RSI is heading down to under 50.0, implying a downtrend. As such, in the week ahead, I feel that REIT’s unit price may move in either direction – if it can break above the S$1.81 support-turn-resistance line, then it could move higher from there; otherwise, it could continue to trend lower, towards the S$1.71 support line.

4. CapitaLand Mall Trust (SGX:C38U)

Retail REIT CapitaLand Mall Trust’s unit price ended last week retreating under the red resistance line (located at around S$2.16), as well as under the S$2.07 support line, to close at S$2.05.

Just like CapitaLand Commercial Trust’s candlestick pattern for the most recent week that passed, the candlestick pattern for CapitaLand Mall Trust also formed a doji pattern. In terms of its trading volume compared to the week before, it was more or less the same.

Also, similar to CapitaLand Commercial Trust, while MACD is still in an uptrend position, but its RSI have gone under 50.0, implying a downtrend. As such, in the week ahead, the retail REIT’s unit price could move in either direction – if it can break above the resistance line at S$2.07 on a high volume, it can continue to trend higher; otherwise, it may head towards the S$1.96 support line.

5. City Developments (SGX:C09)

Last week, City Developments share price reversed some of the gains recorded in the week before, where it lost 65 cents, or -7.08%, to close at S$8.53 (in the process breaking under the S$8.63 support line.)

In terms of trading volume, it is lower compared to last week. Also, looking at both the MACD and RSI, while the former is in an uptrend position, the latter have reversed into a downtrend (where it fell to under 50.0.)

As to how the share price of the company may move in the week ahead, I am of the opinion that it may move in either direction – it could continue to trend downwards towards the S$8.00 support line, or it could move uptrend if it is able to break above the S$8.63 resistance line on a high volume.

6. ComfortDelGro (SGX:C52)

In the week that just passed, ComfortDelGro’s share price attempted (but failed) to break above the S$1.65 resistance line. Instead, it fell back under and closed at S$1.61 when the week ended last Friday (12 June.)

While the MACD is still in an uptrend position, its RSI is in a downtrend position. As such, I feel that its share price could move in either direction in the week ahead – it could either try to once again break above the S$1.65 resistance line and continue to move higher from there (but do take note that there is another resistance at around S$1.70, where the red downtrend line is), or it could retreat further to where the S$1.45 support line is.

7. Dairy Farm International (SGX:D01)

The share price of Dairy Farm International failed to break above the US$4.94 resistance and red downtrend line during the week and reversed – it eventually closed at US$4.84 last Friday (12 June.)

The candlestick pattern was a doji, suggesting that there is an indecision on the direction of the company’s share price movement. However, MACD is still in an uptrend position, and that RSI is heading up to above 50.0 (implying an uptrend as well) – suggesting that its share price is likely to once again attempt to break above the US$4.94 resistance line, and continue its recovery in the week ahead.

8. DBS (SGX:D05)

Compared to the week before, DBS lost 35 cents, or 1.37%, to close at S$21.93, just slightly below the S$22.27 resistance line.

The candlestick pattern was a doji, suggesting an indecision on the direction of bank’s share price movement. While MACD continues to be in an uptrend position, but RSI is retreating to under 50.0 (implying a downtrend.)

As such, in the week ahead, my personal opinion is that, should the share price be able to break above the S$22.27 resistance line on a high volume, then it could once again head upwards towards the next resistance line at S$22.27; on the other hand, there’s also a possibility that the share price of Singapore’s biggest bank could further weaken to the S$21.15 support line.

9. Genting Singapore (SGX:G13)

Genting Singapore’s share price lost 6.0 cents, or 7.23% compared to the week before, to close at S$0.770 – while it dropped below the S$0.780 support line, it is sitting on the green uptrend line.

However, in terms of trading volume, it is slightly higher compared to the week before – suggesting that its share price could further weaken in the week ahead, where it could move towards the support line at S$0.735. On the other hand, it’s also possible that the share price could bounce up from the green uptrend line where it could possibly break above the S$0.780 support-turned-resistance line and move higher from there.

10. Hongkong Land (SGX:H78)

Hongkong Land’s share price saw some of its gains recorded the week before being reversed last week – where it lost 23.0 cents, or 5.40%, to close at US$4.03.

Trading volume, when compared to the week before, was slightly lower, with MACD still in an uptrend position. However, RSI is in a downtrend position (as it is under 50.0.) As such, my personal opinion on how the company’s share price may move in the week ahead is that, it could either move towards the resistance line at US$4.24, or towards the support line at US$3.88.

11. Jardine Cycle & Carriage (SGX:C07)

Jardine Cycle & Carriage’s share price broke under the S$23.04 support line last week to close at S$21.85.

Just like quite a number of the companies we have looked at so far, the candlestick pattern displayed was a doji. Also, the MACD is in an uptrend position. However, its RSI is in a downtrend position.

As such, my personal opinion is that the share price movement of the company may move in either direction in the week ahead – either up towards the S$23.04 resistance line, or down towards the S$21.27 support line.

12. Jardine Matheson (SGX:J36)

Jardine Matheson’s share price continued to move higher during the week, but the upward movement wasn’t sustained, and when trading for the week ended on Friday last week (12 June), it dropped under the US$44.35 support line to close at US$43.96.

MACD is still in a downtrend, and at the same time, this week’s downward pull volume is slightly higher compared to the previous week. Therefore, in the week ahead, I am of the opinion that the share price could move in either direction – if it can once again break above the US$44.35 resistance line, then it could continue its upward climb from there; otherwise, it could continue its fall towards the US$40.07 support line.

13. Jardine Strategic (SGX:J37)

MACD for Jardine Strategic have just crossed upwards into an uptrend position, with the candlestick pattern being a doji, suggesting an indecision in the direction of the conglomerate’s share price movement.

In the week ahead, I personally feel its share price could largely move between the support and resistance lines at US$21.54 and US$24.20 respectively.

14. Keppel Corporation (SGX:BN4)

The body of the most recent candlestick was largely between the red downtrend line and the green uptrend line. While its MACD still remains in an uptrend position, its RSI have just crossed under 50.0 into a downtrend position.

Personally, I feel that the company’s share price could continue to move within the support (at S$5.98) and resistance lines (at S$6.26) in the week ahead.

15. Mapletree Commercial Trust (SGX:N2IU)

In the course of previous week that ended on 12 June, the REIT’s unit price broke above the S$2.12 resistance line, the S$2.17 red downtrend line, and touched the next resistance line at S$2.23, before reversing back down, where it closed at S$2.04, just 3 cents above the S$2.01 support line.

While MACD continues to be in an uptrend position, but the RSI have crossed downwards to around the 50.0 position. As such, in the week ahead, I am of the opinion that the REIT’s unit price may move in either direction – either up to the resistance line at S$2.12 (and if it is able to break above this line on a high volume, it could continue to trend higher from there), or down to the support line at S$2.01 (and if it breaks under this line on a high volume, it could continue to trend lower from there.)

16. Mapletree Logistics Trust (SGX:M44U)

Mapletree Logistics Trust continued its downward fall last week, where it broke slightly under the S$1.90 support line to close at S$1.89.

Looking at the trading volume, it is lower compared to the week before, and also looking at the REIT’s closing price last Friday, it is sitting at where the green uptrend line is – suggesting that in the week ahead, there’s a possibility for the logistics REIT’s unit price to recover.

Finally, in case you’re wondering what’s the timer at S$1.66 support line, it is a signal that I have set on the TradingView platform to alert me when the logistics REIT’s unit price hits this line, so that I can add the REIT to my long-term investment portfolio at this price point.

17. OCBC (SGX:O39)

The share price of OCBC broke above the S$9.57 resistance line and continued to trend higher during the week, but unfortunately, the bullish run did not manage to hold and when trading for the week ended on Friday (12 June), it reversed back down under the resistance-turned-support line at S$9.57 to close at S$9.24.

While the MACD remains in an uptrend position, its RSI is under 50.0, implying a downtrend. Also, the candlestick pattern displayed was a doji – suggesting an indecision on the direction of the bank’s share price movement. As such, I feel that in the week ahead, OCBC’s share price could move in either direction – either once again breaking the S$9.57 resistance line and trend higher, or move down towards to the S$9.04 support line.

18. SATS (SGX:S58)

The share price of SATS recorded a small 9.0 cent, or 2.84% gain compared to the week before to close at S$3.26 last Friday (12 June.)

The candlestick pattern displayed was a doji – implying that there’s an indecision on the direction of the company’s share price movement. Another thing to note is that, MACD have just crossed upwards into an uptrend, and that RSI is heading upwards (but it is still under 50.0.)

As such, in the week ahead, it is likely that the share price of SATS could continue its upward climb towards the S$3.33 resistance line.

19. Sembcorp Industries (SGX:U96)

Investors took the news of Sembcorp Industries’ de-merger with Sembcorp Marine (SGX:S58) positively (you can read more about the news here), and sent the share price higher – in the week that ended last Friday, its share price gained a whooping 47.0 cents, or 30.72%, to close at S$2.00, just a few cents shy of the S$2.06 resistance line.

The trading volume, compared to last week, was much higher. Coupled with the fact that MACD have also just crossed into an uptrend, and that RSI have also gone above 50.0 (implying an uptrend as well) last week, I am of the opinion that in the week ahead, Sembcorp Industries’ share price could continue its upward movement towards the S$2.06 resistance line – if it is able to break above this line on a high volume, then its share price could continue to trend higher from there.

20. SGX (SGX:S68)

SGX’s share price resumed its downward fall last week, where the share price fell by 20.0 cents, or 2.37% compared to the week before to close at S$8.25.

MACD and RSI both remained in a downtrend position, suggesting that its share price is likely to continue to remain weak in the week ahead, where it could move towards the S$8.11 support line.

21. SIA (SGX:C6L)

Looking at SIA’s weekly share price movements above, we see a doji appearing for the trading week that just passed. MACD have also just crossed upwards into an uptrend, but RSI remains in a downtrend.

In the week ahead, if the share price of Singapore’s national carrier can break above the S$4.33 resistance line, then it could continue to move up towards the red downtrend line at around S$4.55. Otherwise, it could also move down towards the S$3.82 support line.

22. SingTel (SGX:Z74)

SingTel’s share price failed to move higher after breaking above the S$2.65 resistance line during the week, and fell back under this resistance-turned-support line to close at S$2.55 last Friday (12 June.)

The MACD and RSI of SingTel is still in a downtrend position, suggesting that there continues to be weakness in the telco’s share price movement in the week ahead – where it could move towards the support line at S$2.47.

23. SPH (SGX:T39)

After breaking above the S$1.34 resistance line the week before, the share price of SPH failed to sustain its upward momentum and closed at S$1.35 last Friday (12 June), just 1 cent away from the S$1.34 resistance-turned-support line.

Looking at where the share price is, it is sitting around the green uptrend line, suggesting that in the week ahead, the share price could move up from there. On the other hand, both MACD and RSI are still in a downtrend position, with the latter in oversold territory (as it fell under 30.0), suggesting that share price weakness still remains.

As such, in my personal opinion, it is highly likely that the share price of SPH will move within the support (at S$1.34) and resistance (at S$1.46) lines in the week ahead.

Finally, in case you’re not already aware, in the latest quarterly review of the constituents of the STI, SPH will be dropped from the index, and taking its place will be Mapletree Industrial Trust (SGX:ME8U). This will take effect from 22 June 2020. You can read the news in full here.

24. ST Engineering (SGX:S63)

ST Engineering’s MACD just turned into an uptrend position in the week that just passed last Friday (12 June), despite the fact that compared to the week before, its share price have dropped by 8.0 cents, or 2.27%, to close at S$3.45. It’s RSI however remains in a downtrend position.

I am of the view that its share price could attempt to break above the S$3.56 resistance line in the week ahead – if it is able to do so on a high volume, then its share price could continue to trend up towards where the red downtrend line is, at around S$3.70.

25. ThaiBev (SGX:Y92)

ThaiBev’s share price failed to break above the red downtrend line last week and bounced down from there, where it closed at S$0.695.

However, compared to the week before, the trading volume was much lower; also, coupled with the fact that MACD is in an uptrend position, it is likely that the share price of ThaiBev could once again attempt to break above this red downtrend line – if it is able to break above this line on a high volume, then its share price could move towards the S$0.760 resistance line.

26. UOB (SGX:U11)

UOB’s share price reached a high of S$23.38 during the week before falling back down, where it closed at S$22.28.

As the bank’s MACD is in an uptrend position, and that its RSI have also crossed above the 50.0 mark (implying a reversal from downtrend to uptrend), I personally feel that the Singapore bank may continue to move upwards in the week ahead – up towards the S$22.90 resistance line.

27. UOL (SGX:U14)

The share price of UOL failed to sustain its upward movement last week, with the share price reversing by 33.0 cents, or 4.41%, to close at S$7.16.

While MACD is in an uptrend, but RSI have just reversed into a downtrend (where it dropped under 50.0.) As such, in the week ahead, I feel that the share price may move in either direction – either up towards the S$7.38 resistance line (and if it is able to break above this line on a high volume, it is likely to continue to trend higher), or towards the S$6.98 support line (and if the share price breaks under the support line on a high volume, then its share price is likely to continue to trend lower.)

28. Venture Corporation (SGX:V03)

Venture Corporation’s share price reversed all the gains made in the week before, where its share price shed by S$1.44, or by 8.63%, to close at S$15.25.

Trading volume compared to the week before was also higher – suggesting that it is likely that the company’s share price may continue its downward fall down towards the S$14.95 support line.

29. Wilmar International (SGX:F34)

Just like the week before, Wilmar International’s share price failed to break above the red downtrend line – The difference compared to the week before is that, its share price fell after failing to break above the red downtrend line, where it closed at S$3.96 last Friday (12 June.)

In terms of trading volume, last week’s trading volume is somewhat the same as the week before, and both the MACD and STI are still in an uptrend position.

My personal take on the company’s share price movement in the week ahead is that, it may once again attempt to try and break above the red downtrend line – if it is above to do so on a high volume, then it may head towards the S$4.11 resistance line.

30. Yangzijiang Shipbuilding (SGX:BS6)

Yangzijiang’s share price failed to break above the resistance line at S$1.03 during the week and fell, where it eventually closed at S$0.980 last Friday (12 June.)

Looking at its share price movements since mid-April 2020, it has been moving in a range of between S$0.920 (where the support line is) and S$1.03 (where the resistance line is), and in my personal opinion, it is likely to move within this range in the week ahead.

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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