Tide recedes for offshore stocks

KEPPEL CORP ($11.78) – Starts sideways trend
- Prices managed to rebound off support at $11.28
- Resistance is at $11.90 to $12 range
- Prices are likely to trade within a range

SEMBCORP MARINE ($5.32) – Forming top
- It has managed to rebound off support at $5.05
- Volume has not surged with Feb 17’s upmove
- It may well be that the largest gains are over
- Breakdown level is at $5.05

COSCO CORP ($2.12) – Breaks support
- Prices could be building a top
- Counter could be embarking on a downtrend
- Support is at $2.08 and $1.80

ASL MARINE (67.5 cents) – Rough landing
- Prices have fallen below support at 70 cents
- Prices will likely remain rangebound
- Support is at 67 cents

OTTO MARINE (31.5 cents) – Clear downtrend
- Prices are in an established downtrend
- Prices could break below support at 32 cents
- Breakdown would indicate a downside objective of 26 cents
- Resistance is at 34 cents

JAYA HOLDINGS (56.5 cents) – Turning submariner
- Indicates are at heavily oversold levels
- Any rebound will likely be temporary
- Resistance is at 65.5 cents
- Trend is likely to be broadly downwards
- Support is at 32.5 cents

(Source: TheEdgeSingapore February 21 2011)