Resource stocks a mixed bag

WILMAR INTERNATIONAL ($6.08) – Poised to regain breakout

- Prices are attempting to challenge resistance at $6

- A strong uptrend may not develop

- Support is at $5.50

- Resistance is at $6 and $6.40

GOLDEN AGRI-RESOURCES (54 cents) – Saved from the brink

- This stock could go either way

- If support at 51 cents hold, prices could break out of 54 cents

- Such move indicates a target of 67 cents

ASIA FOOD AND PROPERTIES (57 cents) – Resilient

- Prices appear poised for a breakout on the upside

- Prices could break above 57 cents and this indicates an objective of 70 cents

INDOFOOD AGRI RESOURES ($2.07) – Weaker than the sector

- Weakest stock in the sector

- Price could start trending downwards

- Initial support is at $1.67

FIRST RESOURCE ($1.08) – Attempting breakout

- Quarterly momentum appear lackluster

- Break above sideway range at $1.12 is needed for further upside potential

KENCANA AGRI (30 cents) – Range-bound

- Indicators look weak

- Crucial support at 29 cents

- Resistance is at 30 cents

- Break below 29 cents indicate a target of 24 cents

(Source: TheEdgeSingapore July 12 2010)