Pressured plantation plays

WILMAR INTERNATIONAL ($5.27) – False break
- Breakout above $5.40 failed and prices drifted below moving average currently at $5.25
- Resistance is at $5.40
- Counters look like it is in a bottoming formation
- Support is at $5

GOLDEN AGRI-RESOURCES (69.5 cents) – Sideways range
- Prices are most likely to stay range-bound
- Prices could rebound temporarily
- Resistance is at 72 cents
- Support is at 65 cents

NOBLE GROUP ($2.24) – Set for breakdown
- Prices are hanging to support at $2.13 to $2.16
- Signs of selling are evident
- Resistance has been established at $2.25

INDOFOOD AGRI ($2.15) – At support
- Prices are near the bottom of sideways range at $2.10 to $2.14 area
- Resistance appears at $2.30 to $2.32
- Prices are likely to remain range bound in attempt to bottom

KENCANA AGRI (40.5 cents) – Poised for breakdown
- Prices appear poised for breakdown
- Support is at 40 cents
- Quarterly momentum is declining
- Break below support indicates target of 35 cents

OLAM INTERNATIONAL ($2.95) – Facing resistance
- Prices are near resistance level at $2.95
- Short term moves are likely to be downwards
- Initial support is at $2.50
- Proper recovery and uptrend could be some way off

(Source: TheEdgeSingapore April 25, 2011)

Transportation stocks mixed

SINGAPORE AIRLINES ($14.02) – Breaks above resistance
- Break above $13.79 indicates a target of $15.30
- 200 day moving average is at $15.04 which is likely to provide resistance

TIGER AIRWAYS ($1.51) – Breaks out of base
- Prices are attempting to strengthen
- Break above $1.49 indicates a target of $1.70
- Volume expansion is absent. If support at $1.49 holds, prices may attempt to strengthen

KEPPEL CORP ($12.50) – Overextended
- Consensus is bullish, a sign the stock is overbought
- Clear divergence between price and indicator.
- Support appears at $12 and $11.80

SIA ENGINEERING ($4.13) – Sideways range
- Prices are still within a trading range
- Immediate breakout would be difficult
- Break above $4.14 indicates a target of $4.30

NEPTUNE ORIENT LINES ($1.98) – Base formation
- Prices are still in a base formation
- To gain strength prices will need to break out of $2 on significant higher volume than the counter is experiencing now

SEMBCORP MARINE ($5.85) – Correcting overbought readings
- Quarterly momentum has weakened
- Sharp up move appears to have run into resistance at $6
- Support is at $5.54

(Source: TheEdgeSingapore April 18, 2011)

Property stocks recover

CITY DEVELOPMENTS ($11.64) – Not a convincing formation
- Prices are attempting to form a reverse head and shoulder pattern
- There is insufficient volume to support a breakout
- Resistance at $11.96
- Support is at $11.20

CAPITALAND ($3.41) – Reverse head and shoulder
- Counter displays an almost textbook reverse head and shoulder formation
- Breakout took place at the neckline at $3.38
- A successful break indicates an initial target of $3.90

CAPITAMALLS ASIA ($1.86) – Breaks out of base
- Stock attempted to form a reverse head and shoulder pattern
- There was a simultaneous break above $1.80
- Breakout indicates an initial target of $2.04
- Occasion for some strength may be at hand

KEPPEL LAND ($4.53) – No follow-through
- Prices managed to rebound from a low of $4.01
- Immediate support is at $4.33

UOL GROUP ($4.89) – Facing resistance
- Upside is likely to be limited
- Resistance is at $5.05 to $5.06 range
- Better entry point is at the support of $4.70

YANLORD LAND GROUP ($1.63) – Attempting recovery
- Broke out of a minor double bottom formation at $1.50
- Support is at $1.50
- Counter has gained relative strength against the sector and market despite being an S-chip

(Source: TheEdgeSingapore April 11 2011)