Phillip Securities (PSR) recently released its technical portfolio, i.e. The Phillip 20 Portfolio. This is the first portfolio among local brokerages that offers a technical perspective towards investing. We highlight the top five entrants into the portfolio based on technical analysis by the analysts at PSR.
The report was released on 4 May 2017.
1. China Aviation Oil (Singapore) Corporation Limited (SGX: G92)
The recent pullback appears to be moving back to the upward trend line with the 20- and 60-day moving averages still supporting the price. There is potentially a strong convergence of the support, moving averages and upward trend line at $1.56. As long as the price stays above the 20- and 60-day moving averages, PSR opines that the price should continue to see further upside.
Current Sentiment: Slightly Bearish (Until Support Level Holds)
Support 1 – $1.560; Support 2 – $1.545
Resistance 1 – $1.735; Resistance 2 – $1.750
2. UPP Holdings Limited (SGX: U09)
UPP has been moving in a sideway trend since October. During this current period of consolidation, the price is well supported by the 20- and 60-day moving averages. Overall, PSR notes that “price is still moving in a long-term uptrend with the immediate trend being stuck in a range.” Investors should pay attention to the higher range daily close of 0.300. It might lead to a possible breakthrough in the 0.325 resistance area.
Current Sentiment: Neutral Turning Bullish
Support 1 – $0.27; Support 2 – $0.255
Resistance 1 – $0.325; Resistance 2 – $0.36
3. Singapore Medical Group Limited (SGX: 5OT)
Looking at the PSR’s technical analysis, it is still moving steadily in an uptrend. This upward trend continues to be strong since August 2016, with the 20- and 60-day moving averages pushing SingMedical Limited higher after every correction. Currently, the price is in a corrective wave after hitting a new high of 0.630.
Current Sentiment: Bearish Turning Bullish
Support 1 – $0.56; Support 2 – $0.525
Resistance 1 – $0.63; Resistance 2 – $0.65
4. Sheng Siong Group Limited (SGX: OV8)
Sheng Shiong’s stock price has been climbing since Jun 2012, mainly propped up by the 20- and 60-week moving averages. The long-term upward trend is constantly supported by the 60-week moving average, evident even in recent movements, PSR further asserts. Sheng Shiong should continue climbing despite the recent correction.
Current Sentiment: Bullish
Support 1 – $0.925; Support 2 – $0.900
Resistance 1 – $1.045; Resistance 2 – $1.090
5. United Engineers Limited (SGX: U04)
The share price of United Engineers is still upward trending with support from the 20- and 60-day moving average. The recent rebound (off the 20-day and 60-day moving averages) is turning out to be a formation of the double bottom pattern, with a convergence of the $2.74 support area and the 38.2-percent Fibonacci retracement level.
Unless the 20-day moving average, 60-day moving average and $2.80 support areas are broken, the price should continue to climb to test the $2.97 resistance area followed by $3.04.
Current Sentiment: Bullish
Support 1 – $2.74; Support 2 – $2.63
Resistance 1 – $2.97; Resistance 2 – $3.04