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)