Commodity stocks stage temporary rebound

OLAM INTERNATIONAL ($2.49) – rally meets resistance
- Quarterly momentum is in a declining trend
- Support has been established at $2.10
- Break below support indicates a target of $1.60
NOBLE GROUP ($1.615) – still a downtrend
- Selling pressure remains higher than buying demand
- There is some support at $1.32
- Eventual bottom is most probably below $1
WILMAR INTERNATIONAL ($5.230) – attempting base formation
- Prices are attempting to form a base
- Upmoves will be limited to resistance level at $5.43
- Support is at $5
GOLDENAGRI RESOURCES (66.5 cents) – building a base
- Price rally is unlikely to move above moving averages at 68 cents
- Support is at 62 cents
- Break below support indicates a target of 55 cents
KENCANA AGRI (36 cents) – temporary rebound, part of broader base
- Recent upmove is likely to find resistance
- Support has been established at 36 cents
CHINA MINZHONG ($1.265) – rebound in a downtrend
- Prices remain in a downtrend
- Resistance appears at $1.30
- Support is at $1.14
(Source: TheEdgeSingapore September 5 2011)