Daily Morning Note – 28 June 2018
WEEKLY MARKET OUTLOOK WEBINAR
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TECHNICAL PULSE
Japfa Ltd – Daily timeframe – Bearish – Take Profit
– There was a Bearish Engulfing Bar rejection off the 0.670 resistance area on 27/06/18 with an overbought RSI signals a mean reversion lower next.
– Hence, with the current bearish price action, we have decided to close out our position in Japfa at 0.62 in anticipation of a deeper correction.
Wing Tai Ltd – Daily timeframe – Bullish
– There was a bullish break above the 1.94 immediate range high on 27/06/18 with an oversold RSI mean reversion signals a reversal higher next.
– Hence, with the current bearish price action, we have decided to close out our position in Japfa at 0.62 in anticipation of a deeper correction.Expect price to rebound higher next to test the 2.00 resistance area followed by 2.06.
For more information and additional disclosures, refer to the link here.
BREAKING NEWS
Oil prices rose to their highest level since November 2014 after a bigger-thanexpected drop in U.S. crude stockpiles added to a rally fuelled by a major Canadian supply outage, concerns about Libya’s exports and stepped-up efforts by the Trump administration to disrupt Iran’s petroleum exports.
THE owners of Goodluck Garden condominium, sold en bloc to Qingjian Group , will soon head to court to settle the fate of its collective sale after the Strata Titles Board (STB) issued a stop order on Wednesday.
CapitaLand Limited has acquired a prime mixed-use site in Chongqing worth 5.7b yuan. The acquisition will add over 2,100 units to the Group’s residential pipeline and double its retail network in fast-growing Chongqing..
Oxley Holdings Limited achieves 100% sales at the Verandah Residences within three months since its official launch.
Chasen Holdings Limited has secured S$38.4 million worth of new contracts in Asia and the US.
Catalist-listed startup incubator Trendlines Group Limited urged investors to have patience and trust that the market will catch on to the company’s business model. The company stock now trades at $0.12 vs IPO price of S$0.33 in 2015.
Source: CNBC, Bloomberg, Reuters, Business Times, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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