1. Wilmar, in the commodity sector. A darling that has went 3 folds since the lows in 2009. It was also included in the STI Index last year.

2. OCBC. One of the 3 major banks in Singapore and I believe, is part of the STI Index as well.

Let’s take a look at Wilmar first.

From the chart, we can see that Wilmar has retraced from its high of  about $7.2 and is now reaching its long term support at around $6.45

We can also see that the Tenkan sen and Kijun sen has crossed with the price still holding above the kumo support. With the kumo support so thin, I think the bearish trend will have a higher chance to continue. We can also see that the leading kumo is also going to twist; a suggestion that the bullish trend is changing.

Next, we take a look at OCBC. One of the 3 ‘darling’ banks in Singapore. The others being UOB and DBS.

Compared to Wilmar, OCBC situation seems to be more bearish.

1. We can see from the ‘vertical line’ that marks Jan 4 this year to the second ‘vertical line’ which marks the last day of trading for January 2010. Throughout January 2010, OCBC has more down days than up; breaking support levels as it goes.

2. So,where are we now with respect to OCBC?

- It has already have a bearish cross from Tenkan sen and Kijun sen.

- The leading kumo has also turned; suggesting a bearish outlook.

- It is now trading near the bottom of the kumo. Any price within the kumo is considered trendless. But, with its trading time at$ 8.28 at lunch time, I think there is very little chance of it going above $8.35

- In other words, after its gap down and rebound, OCBC is set to make a lower high.

Currently, it is trading at 6.56 (bear this in mind when reading the chart below)

1. Chikou Span cuts the price level with no immediate resistance in sight (until $7)
2. Price has pierce through the kumo resistance at around $6.45
3. A small minus point is the Tenkan sen and Kijun sen does not seems to have cut each other upwards yet. It is still fairly flat.
4. Broader market concerns. SPX will be hitting 1100 resistance soon. Will it turns? Wilmar may be releasing its results soon (Nov 12), so this could be a push before earnings.

On the Daily Chart, we can see Tenkan sen cutting Kijun sen around Sept 30.

The price dips into the kumo and rebounded till 6.47 (ending the day with a doji…bears and bulls fighting …so who’s winning??)

From this level till the high of 7.02, it will be critical test for Wilmar. Failing to go higher, and we can safely say that a lower high is formed and the trend has started to change.

If it hits 7.02 and reverse, then a double top may have formed (another bearish sign).

Wilmar is currently among one of the stronger stocks in STI.

On March 12, the chart shows a bullish signal.

Tenkan sen crosses the kijun sen.

The volume is not very high; a reflection of the current weak market conditions.

On the  weekly chart, it has not break through the kumo resistant yet. Weekly resistant level is at around $3.72

The recent US rally has also seen this stock spike out of its channel.

Expect a little bit of pullback. This one is going into my watchlist.