Commodity plays stay weak

GOLDEN AGRI-RESOURCES (63 cents) – Downtrend intact
- Prices have been on a downtrend
- Immediate support is at 63 cents
- Prices are poised to break below 63 cents
- Initial downside of 57 cents

INDOFOOD AGRI RESOURCES ($1.29) – Breaks support
- Prices were entrenched within a narrow range
- Now breaking down from sideways trend
- Any rebound meets with resistance at $1.35

FIRST RESOURCES ($2) – Breaks minor support
- Any rebound is likely to be mild
- Breakdown indicates downside of $1.80
- Quarterly momentum is declining supporting the downtrend

NOBLE GROUP ($1.29) – Rebound falters
- Inability to move about $1.35 may halt recovery
- Psychological $1 level provides ample support for retreat

OLAM INTERNATIONAL ($2) – Retreats from resistance
- Quarterly momentum has formed a divergence with price
- Minor support appears at $1.98
- Although momentum is weakening the downside could be protected by dwindling volume

WILMAR INTERNATINAL ($3.16) – Drifting sideways
- This is the least bearish of the commodity stocks
- It’s too early for prices to have bottomed
- There is psychological support at $3
- Breakout level is lowered to $3.24

(Source:  TheEdgeSingapore October 8 2012)