CWT (C14.SG) +1.1% at $0.92 in thin trade, still struggling to clear $0.94 resistance level, says Dow Jones.

Chart action shows stock on verge of forming Double Top, which suggests weakness ahead (first top set in mid-June, second being formed currently, with trough at $0.85).

Newsflow on logistics group has been thin since release of 1Q10 results in May. Investors hoping for special dividend following divestment of some of CWT’s assets to Cache Logistics Trust (K2LU.SG) earlier this year may have to temper expectations, according to DMG, which has Buy call with $1.10 target.

“We had earlier estimated that there would be a bonanza payout this year following the successful listing of Cache Logistics Trust. However, following discussion with management regarding their plans, we now expect CWT to shore up cash for expansion of its facilities as well as M&A.”