Financial stocks have been the forerunner during the recent run up seen in global stock markets. SGX being a financial play outperformed the general market by a considerable margin. However the recent uptrend for SGX is now clearly at risk as classical chart formation suggests that a potential double top is in place. In addition the 20-day moving average has started to turn down after peaking on 15^th June and SGX has been trading below it since that date. The MACD made a bearish centerline crossover and stochastic oscillator is turning down to re-test the 20% oversold level. A violation below the neckline support at $6.85 may trigger a downside breakout with a potential target of $5.70 as measured by the distance between the recent high of $8.00 to the neckline support. However it needs to overcome a classical support at $6.33. Key support to note will be at $5.52 which corresponds to the 61.8% Fibonacci retracement from the March low to the recent June high. Immediate resistance is at $7.32 and a break above may see a re-test of $8.00, the recent June high.