• The Singapore stock market reversed sharply on Tuesday 9^th of June in-lieu of the strong sell-off in the U.S markets.
• Stocks rebounded strongly last Friday before the markets closed for the week.
• Technicals suggest that the market will be ranging for a short period.

The Straits Time Index (STI) met with a strong resistance on 4^th of June and our report on 5^th June suggest that the index may correct itself at the potential selling zone highlighted. True enough, the STI reverse strongly on 9^th June after the index made a final attempt to test the upper bound of the resistance zone which confluence with the 61.8% retracement level of 3,233.86 to 2,208.42.

We also mention that as long as price stays supported above the resistance zone at 2,636.05-2,598.40, Straits time Index will likely test the new resistance level at 2,900

Should the index remain below the resistance zone 1, the index might enter into a prolonged range between 2,500 and 2,800.

AEM Holdings had a strong sell-off following our report 9^th June and the price had a strong piercing line bullish reversal pattern at the support last Friday. As such, the stock is likely to head for a strong climb to wave-5.

However, there is a possibility that the stock might retest the support zone at $2.65-$2.82 should price fails to break above $3.30. Another point to take note is that the prices have close below the 22-day period moving average, which is a short term downside signal.

ComfortDelGro initial sell-off on 10^th June was on point and we had expected a slight rebound at the lower bound of the ascending channel before resuming its bearish momentum. However, the rebound was so strong that it formed a large bull piercing line that closed above the 50-day period moving average.

As such, we are in favour of the stock re-testing the immediate resistance zone between $1.64 and $1.68. Breaking it will see price testing the resistance zone 2 at $1.88, which confluence with the 161.8% extension level.

Genting Singapore rebounded last Friday after a strong break below the rising wedge formation. The bullish candle last Friday closed above the 50-day moving average and it may continue to rise to test the 61.8% retracement level of $0.840-$0.735.

Should prices break the 61.8%, the next resistance is at $0.90. Otherwise, the immediate support zone at $0.642-$0.674 will provide decent support.