S-chips sink

MIDAS HOLDINGS (69.5 cents) – Oversold pressures build
- In the short term prices could actually rebound
- Resistance is at 76 to 77 cents
- Support is at 70 cents. If prices break below 70 cents on expansion of volume, a new downside target of 55 cents would be indicated

SOUND GLOBAL (72.5 cents) – Set to move lower
- Quarterly momentum is turning down
- Prices are set to fall to form a downtrend
- Breakdown level is 72 cents and downside is at 60 cents

CHINA AVIATION OIL ($1.29) – Breakdown
- Prices have fallen below 50 day moving average at $1.35
- Quarterly momentum has resumed its downtrend
- Support is at $1.25
- Break below support would provide a measuring objective of $1.10

SUNVIC CHEMICAL (78.5 cents) – Facing resistance
- Prices are on an uptrend
- Momentum is holding above its equilibrium line
- Support appears at 70 to 71 cents range
- Resistance is at 82 cents

CHINA ANIMAL HEALTHCARE (30 cents) – Set for decline
- Prices have just broken down psychological support at 30 cents
- An earlier break below head and shoulder formation indicated a target of 23 cents

CHINA XLX FERTILISER (43.5 cents) – Poised for breakdown
- Prices have fallen below 50 day moving average at 42.5 cents
- Quarterly momentum remains in negative territory
- Support is at 38 cents

(Source: TheEdgeSingapore May 9 2011)