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)