Offshore plays drift sideways

KEPPEL CORP ($10.88) – Sideways consolidation
- Corrective phase may continue
- Breakout of thrice tested resistance at $11.10 appear difficult
- Watch the rising 50 day moving average and neckline support at $10.70

SEMBCORP MARINE ($5.24) – Correction remains in force
- Correction will likely persist
- Resistance is at $5.40 level
- Break below 50 day moving average could prolong consolidation

SEMBCORP INDUSTRIES ($5.26) – Correction underway
- Prices will likely drift sideways
- Resistance has been established at $5.40
- Neckline support is at $5

ASL MARINE (55.5 cents) – Set for rebound
- Counter could attempt a rebound soon
- Prices are near support at 55 cents
- Resistance is at 65 cents

YANGZIJIANG SHIPBUILDING ($1.31) – Continued consolidation
- Current moves will probably continue to be sideways
- Support is at $1.20
- Resistance is at twice tested $1.40 level

JES INTERNATIONAL HOLDINGS (22 cents) – Continued retreat
- Indicators are mixed but evidence is pointing to a price decline
- Resistance is at 24.5 cents
- 50 day moving average is at 21.4 cents

(Source: TheEdgeSingapore April 2 2012)

Food stocks gain weight

PETRA FOODS ($2.47) – Overextended
- Prices are somewhat overextended
- Technicals confirming strong upturn
- Temporary correction is imminent
- Support is at $2.30

SUPER GROUP ($1.73) – Correction in force
- Technicals suggest that prices have the impetus to break out of resistance at $1.84
- Successful break indicates a measured move to $2
- Support is at $1.70

ABR HOLDINGS (80 cents) – Correction underway
- Temporary correction is underway
- Support should materialize at current levels
- Break below 80 cents indicates a downside of 73 cents
- Resistance is at 86.5 cents

CONSCIENCE FOOD (21 cents) – Building a base
- Prices are building a base
- Top of the base is likely to be at 23.5 cents
- Indicators suggest that prices are likely to move sideways
- Support is at 20 cents

FOOD EMPIRE HOLDINGS (36.5 cents) – Attempting breakout
- Prices are in base formation
- Break above 40 cents indicates a target of 50 cents
- Support is at 35 cents

FOOD JUNCTION HOLDINGS (18.5 cents) – Early-stage base formation
- Prices have yet to bottom
- Prices are likely to remain in a sideways trend
- Eventual successful breakout indicates target of 25 cents
- Downside is limited with support at 18 cents

(Source: TheEdgeSingapore March 26 2012)

M&A buoys tech stocks

MEIBAN GROUP (39.5 cents) – Facing resistance
- Prices should remain resilient
- There is strong resistance at 41.5 cents
- Breakout appears unlikely
- Support is at 36 to 37 cents

LAFE CORP (8.4 cents) – Gains strength
- Prices have run ahead of themselves
- Price have broken out of base formation setting target of 10.5 cents
- Support is at 7.5 cents

FU YU CORP (10 cents) – Recovery intact
- Some latent strength is evident
- Prices have managed to move above the declining 200 day moving average
- Rebound should materialize shortly
- Resistance is at 12.5 cents
- Support is at 8.9 cents

ELEC & ELTEK INTERNATIONAL (US$2.74) – Building a base
- Price action appears anaemic
- Breakout is still some way off
- Successful breakout indicates an upside of US$3.13
- Support is at US$2.61

GLOBAL TESTING CORP (6.5 cents) – Attempting breakout
- Prices are attempting to hold above 200 day moving average
- Chart pattern points to prices forming a rounding base
- Support is at 6.1 cents

BROADWAY INDUSTRIAL GROUP (45.5 cents) – Testing support
- Prices have been in a consolidation phase
- Consolidation should be temporary
- Indicators point to resumption of uptrend
- Resistance is at 50 cents
- Support is at 43 to 44 cents

(Source: TheEdgeSingapore March 19 2012)

Palm oil stocks slump

FIRST RESOURCES ($1.825) – Set for correction
- Technical indicates that prices are in a corrective phase
- Prices look set to correct downwards
- 50 day moving average provides support with better support at $1.65

GOLDEN AGRI RESOURCES (71.5 cents) – Outperformance over
- Technical picture is weak
- Prices may well fall below 69 cents moving down towards 63 cents
- Resistance is at 75 cents

INDOFOOD AGRI RESOURCES ($1.575) – Downturn
- Prices are set to fall
- Confluence of 200 day and 50 day moving averages should halt decline
- Technical confirms the corrective phase ahead
- Rebounds are likely to be limited to $1.62

KENCANA AGRI REOURCES (35 cents) – Falls to support
- Prices are now testing the confluence of 50 day and 100 day moving averages
- Prices may also move below 34 cents. In this event, support is at 31 cents
- Upside is likely to be limited to 36.5 to 37 cents

OLAM INTERNATIONAL ($2.30) – Weaker than sector
- Technical picture is weaker than sector
- Any rebound is likely to be temporary
- Rebounds will find resistance at $2.34

WILMAR INTERNATIONAL ($4.90) – Downtrend in force
- Prices are testing their December lows at $4.90 level
- Technical points to signs of a strong downtrend
- Temporary rebound could occur in next session of two.
- Resistance is at $5.10

(Source: TheEdgeSingapore March 12, 2012)

Tide recedes temporarily for offshore plays

BH GLOBAL MARINE (19.5 cents) – At support
- Prices are at a support
- Resistance/breakout is at 22 cents
- Successful breakout gives target of 27 cents

EZION HOLDINGS (87.5 cents) – Short-term selling pressure
- A temporary correction is underway
- Support appears at 85 cents
- Breakout level is at 97 cents
- Successful breakout would indicate a new upside target

EZRA HOLDINGS ($1.19) – Temporary retreat
- Temporary correction is underway
- Support appears at $1.15
- Breakout level is at $1.33

JAYA HOLDINGS (57 cents) – Rebounds off support
- Prices have rebounded establishing support at 53 cents
- Prices should be able to challenge the twice tested 60 cent level
- Successful breakout gives a target of 69 cents

MERMAID MARITIME PUBLIC CO (32.5 cents) – Weaker than sector
- In terms of relative strength, this counter has been weaker that the sector
- Uptrend is being attempted by prices
- Prices should be able to form an uptrend if it can hold around 30 cents and remain above 50 and 200 day moving average

SWIBER HOLDINGS (69.5 cents) – Temporary correction
- Overbought readings have been corrected
- Quarterly momentum is still on uptrend
- Prices should remain above 65 cents
- Resistance/breakout level is at 77 cents

(Source: TheEdgeSingapore March 5 2012)