Price inflation no help to commodity plays

GOLDEN AGRI-RESOURCES (72 cents) – Retreat underway
- Prices are now suggesting an all-round easier phase ahead
- Prices should not fall below 69 to 70 cents for uptrend to remain intact
- Resistance is at 77 cents

WILMAR INTERNATIONAL ($6.25) – Poised for breakdown
- Prices are now sitting on a confluence of supports at $6.25 to $6.30 level
- Indicators do not point to any strong upmove either
- Break below $6.30 points to a decline to $5.50

OLAM INTERNATIONAL ($3.10) – Forming triple-top
- Prices may break down below the neckline of triple top
- Break down would indicate a target of $2.70

NOBLE GROUP ($2.08) – Retreat underway
- Original break above $2.50 indicated a target of $3.16
- In the short term, prices are likely to ease towards breakout level

INDOFOOD AGRI ($2.65) – Set to ease
- Prices are in sharp retreat
- Immediate support is at $2
- The still rising 50 day moving average is at $1.92. If this gives way, and it looks likely, prices could fall to $1.78

GOLDEN PALM RESOURCES (35 cents) – That sinking feeling
- Prices are sinking into the breakout level at 36 cents
- Price support appears at 35 cents
- Resistance is at 39 cents

(Source: TheEdgeSingapore November 22, 2010)