Sembcorp Marine has paused but this is likely to be temporary. Its upside of 27 cents, following the break above the base at 15.5 to 15.7 cents remains valid. Among its short term indicators, only 21-day RSI has turned down from an overbought reading of 81. In strong upmoves, these short term indicators can stay at relatively high levels for an extended period. SembMarine bounced off a multi-month/multi-year low at end-March, breaking out only on April 1. Support should be raised to 20 cents. Elsewhere, Mandarin Oriental International is showing signs of getting ready for an upmove. Prices moved above the confluence of a resistance and the 50-day moving average at US$1.77 on Apr 5, indicating an upside of US$2.07. The move was accompanied by a breakout by quarterly momentum above its equilibrium line, and a modest expansion in volume.
Mandarin Oriental International’s share price may just be reacting to the increasing likelihood of herd immunity following the roll-out of vaccines in markets where it has a presence. Its parent Jardine Strategic Holdings is in the process of being acquired by its grandparent, Jardine Matheson Holdings.
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Property stocks may take a breather. City Developments is retreating, but should find support at the $8.00–$8.08 range, despite appearing weak initially. Singapore Press Holdings’ moves are part of an upward progression. The chart pattern could turn out to be a bull flag, where prices retreat for around three days before turning up again. Support should be raised to $1.70, the start of a minor gap which could turn out to be a continuation gap. The next resistance appears at $2
