Can offshore plays stay afloat?

EZION HOLDINGS (66 cents) – At support

- Prices need to move above 66 cents early this week

- If so, prices could go up to 72 cents

FALCON ENERGY GROUP (62 cents) – Breakdown

- Weakest of the offshore plays, based on relative strength

- Initially the break below 70 cents indicated a downside objective of 53 cents

- Prices have been in a downtrend since peaking last September

SWIBER HOLDINGS ($1.08) – Held by moving averages

- Prices are hanging to support at $1.08

- There is pretty good support at $1.0

- Resistance is at $1.10

EZRA HOLDINGS ($1.93) – Possible rebound

- Short term indicators have turned up, and this means that prices should rebound this week

- Resistance appears at $2.08

- Support is at $1.92

MERMAID MARITIME (63 cents) – Greater relative strength

- Prices are trying to find support at current levels

- Break below 60 cents is negative indicating a downside of 40 cents

- Resistance is at 71 cents

SBI OFFSHORE (27 cents) – Still intact

- In April prices broke out of resistance at 25 cents setting target of 33 cents

- Support is at 25 cents

- Prices are likely to ease in the short term

(Source: TheEdgeSingapore May 10, 2010)