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Sheng Siong (OV8.SI) — Re-accumulation Developing

 

Sheng Siong (OV8.SI) — Re-accumulation Developing

Sheng Siong (OV8.SI) has emerged as a potential markup candidate, following a strong breakout in May. Since then, price action has entered a well-defined consolidation just below the SGD 1.88 resistance level.

The chart structure suggests a classic reaccumulation phase following the initial breakout. Price remains supported above SGD 1.80, with a tight range suggesting controlled selling and possible institutional absorption. Volume has remained stable, while the Fund Flow Indicator (FFI) continues to trend positively — indicating underlying interest remains intact.

Notably, relative strength vs. the Straits Times Index (STI) continues to hold above breakout levels, reinforcing the case for continued outperformance in a sideways-to-soft market environment.

Should Sheng Siong break above SGD 1.88 with volume confirmation, upside targets are projected at SGD 1.96 and SGD 2.05, marking the next leg of a potential markup phase.

Support: SGD 1.80
Breakout Trigger: SGD 1.88
Targets: SGD 1.96 / SGD 2.05
Risk Management: Watch for breakdown below SGD 1.80 with volume

This setup aligns with our momentum strategy playbook — steady accumulation, relative strength, and compression beneath resistance. We will be monitoring closely for breakout confirmation in the sessions ahead.

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