Home Capital Right Timing

SembMarine gatecrashes the property stocks party with a breakout

The Edge Singapore
The Edge Singapore 4/1/2021 7:47 PM GMT+08  • 2 min read
SembMarine gatecrashes the property stocks party with a breakout
Sembcorp Marine broke out above a resistance on Apr 1, joining the property stocks in their mini bull run.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

More exciting than the rather staid Straits Times Index, is the performance of selected property related stocks such as Singapore Press Holdings (SPH), and United Industrial Corp (UIC) which has announced a name change to Singapore Land Group subject to shareholders’ approval at an EGM. City Developments (CDL) is attempting to overcome the hole caused by Sincere Property Group. Technically at any rate, CDL’s prices breached the four-times tested resistance at $8.08 on Apr 1, indicating an initial upside of around $9.20 to $9.30. This is not an April’s Fool joke.

Elsewhere, SPH ended the week at $1.67, rising some 9% overnight. This is above our initial upside of $1.60. Prices traded well above $2 pre-Covid, and price trajectory is likely to take the stock back to that level. Traders should continue to raise their stop loss levels, which should now be at $1.50.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.