Today, market gapped up during the opening, and within 10mins, it covers the gap. There is a weakness in the buying strength, and the fact that it continues going sideways implies market uncertainty.

 

Short term investors - today is a bearish day…

 

Our Focus for today is on Property and Commodity Stocks.

 

After a waiting session on CTDM in the morning, we found a good setup for a “short” at 9.34. We positioned a stop loss at 9.57 (based on the highest pivot point on the 15mins chart). There is a possible support line at 9.18, so beware when the price gets near. If price plunges down sharply, there is a high chance of a rebounce, otherwise, you can safely ride the downward trend and look to the next support line for exit strategy.

 

In the afternoon trading session, there is another potential setup for FRNM, and we gave a “short” at 3.81, with a tight stop loss at 3.96.

 

Overall market seems trending downwards at around 3.30pm (Singapore Time). Towards, the last hour, we noticed that selling has intensified tremendously, further pushing the relative stocks to go lower. Index has broken 2340.87 but it might be retested again. Once the breakout is confirmed, next support is at 2325.83

 

One relative stock that give in to big movement includes, Keppel Corp (tested & broke the low of 6.90).

 

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. 

(As of today, we will only highlight the bearish stocks)

Bearish Stocks:

 

Symbol

Name

1

CTDM

City Development Limited

2

SGX

Singapore Exchange Limited

3

FRNM

Fraser & Neave Ltd

4

UOB

United Overseas Bank Ltd

5

KPLM

Keppel Corp Limited

6

SCIL

Sembcrop Industries Ltd

7

NOBG

Noble Group Ltd

8

OLAM

Olam International Ltd