Morning Highlights:

Tuesday’s STI gapped down due to overnight sell off in Dow Jones and opened at 2299.05 which is way lower than 2314.62.

 

It was highlighted in yesterday’s summary that there is a high possibility for the STI to give way today. Once again, we emphasize that this is a critical point.

 

Looking at the situation now, 2314.62 has become a strong resistance for the time being.

2281.27 is the next level.

With regards to our overnight positions,

Wilmar - we covered the position at 4.87

SGX       - we covered the position at 7.25

 

Our position is to go short selling. We are waiting for the setup as mentioned in the Quick Picks as according to the morning charting

 

Our Focus for today is on Blue Chip; particularly to Financial & Property Sectors

 

Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume.

 Bearish Stocks:

 

Symbol

Name

Entry

SL

TSL

TP

Remarks

1

SGX

Singapore Exchange Limited

7.17

7.48

7.29

6.86

 

2

UOB

United Overseas Bank Ltd

14.40

15.14

 

13.66

Break 60min chart trend line

3

CTDM

City Development Limited

 

 

 

 

Test low of 8.84

4

FRNM

Fraser & Neave Ltd

3.71

3.99

 

3.43

 

5

SCMN

Sembcorp Marine Ltd

2.73

2.97

2.79