Commodity stocks remain weak

GOLDEN AGRI-RESOURCES (66.5 cents) – Start of base formation


- Temporary rebound is underway

- Chart pattern could start to resemble a base formation

- Support is at 60 cents


INDOFOOD AGRI ($1.25) – Finds support

- Prices found support at $1.19

- No signs of positive divergence

- Immediate resistance appears at $1.26


FIRST RESOURCES ($2.14) – Support holds

- Prices have bounced off $2 to $2.03 support

- Resistance is at $2.20

- Support at $2 to $2.03 could give way eventually

- Next support is at $1.90



NOBLE GROUP ($1.08) – Poised for breakdown

- Temporary rebound is probably over

- If thrice tested support area at $1.02 to $1.07 does not hold, downside target is 90 cents

- Break above $1.10 could negate the negative outlook



OLAM INTERNATIONAL ($1.56) – Relief rally

- Break below $1.61 indicates a downside of $1.44

- Resistance is a $1.61

- In the short term, oversold pressures should trigger another temporary rebound

- Eventually prices are likely to fall below $1.46



WILMAR INTERNATIONAL ($3.19) – Signs of bottoming

- Prices are attempting to establish a floor

- Attempting to move above 50 and 100 day moving averages

- Positive divergence between price and momentum since June

- Breakout is needed for divergence to confirm price upmove



(Source: TheEdgeSingapore December 3 2012)