Singapore Stock Market News

Asia Technicals Strategy - Charting The Course

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Publish date: Mon, 07 Jul 2014, 02:05 PM
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Figure 1: MXAPJ - Weekly Chart
Our report ("Knockin' on heaven's door, 9th Jun'14) flagged the possibility of MXAPJ finally breaking out from its 485-493 congestion zone. It's taken a month - but last week's close above 500 marks not only a clear breakout, but is also the highest closing after May 2011, and a whisker away from the post GFC high of 512 (Apr'11). We maintain our view that 512 is likely to be an easier resistance level than the 485-493 congestion zone. A successful negotiation past 512 will target a 20% upside before any meaningful resistance.

Recommend long positions with stops 3% below. On a relative basis (vs. MSCI World), MXAPJ is yet to signal a clear outperformance trade - we retain a positive bias for Asian outperformance but await key resistance levels to be crossed.
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