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)