Indonesian plays race ahead

GALLANT VENTURES (42 cents) – Poised for breakdown
- Technically there is no real genuine buying of this stock
- Support is at 42.5 cents
- Breakdown points to target of 33 cents
- Resistance is at 45 cents

RAMBA ENERGY (62 cents) – Hope springs eternal
- This is one of the strongest among Indonesia related plays
- Prices are breaking above resistance at 62 cents
- Successful break indicates a target of 70 cents

LIPPO MAPLETREE INDONESIAN RETAIL TRUST (52 cents) – Attempting recovery
- This counter has outperformed FTSE REIT Index
- Prices are currently at support level
- Stock is likely to be range-bound
- Resistance is at 57 cents

SEROJA INVESTMENTS (26.5 cents) – Forming base
- Indicates are lackluster
- If prices hold above 26 cents and able to move above the 50 day moving average that could mean a test of 31 cents

WILMAR INTERNATIONAL ($5.09) – Triple bottom?
- Prices remain in a downtrend
- Prices have been able to find support at $5
- Price is near support with not much downside
- Resistance is at $5.45

FIRST REIT (74.5 cents) – Attempting breakout
- Probably the strongest Indonesian play and REIT
- Prices are approaching resistance at 76 cents
- A successful break indicates a target of 90 cents
- Support is at 73 cents

(Source: TheEdgeSingapore May 16 2011)