Commodity stocks oversold

WILMAR INTERNATIONAL ($3.10) – Downtrend to continue

-         Breakdown level is at $3.09

-         Break would indicate target of $2.88

-         Short term stochastics is at low end and could trigger bounce

-         Prices unlikely to move above $3.10

NOBLE GROUP (81 cents) – Downward momentum persists

-         In short term, prices could actually rebound

-         Strong oversold pressures could trigger a bounce

-         Resistance is at 90 cents

-         Break below support in July indicates target of 55 to 60 cents

GOLDEN AGRI-RESOURCES (52 cents) – Downtrend intact

-         Trend is still downwards

-         Resistance is at 53 cents

-         Mixed state of indicators will keep prices within 50 and 53 cents range

KENCANA AGRI (24.5 cents) – Holds on to support

-         Downward momentum could be coming to an end

-         For next few weeks, prices could stay rangebound

-         Support is near current levels

-         Resistance is at 29 cents

FIRST RESOURCES ($1.72) – Early signs of a base

-         Prices are hovering around $1.68 support

-         Indicators suggest that there may be rebound which would meet resistance at $1.78

-         Prices could form a base if it is able to hold above $1.65

OLAM INTERNATIONAL ($1.54) – Set to retest $1.395

-         Immediate support is at $1.58 to $1.60 range

-         Breakdown is imminent and target of $1 is indicated from beakdown

-         Prices have already fallen below the three medium and long term moving averages.

(Source:  TheEdgeSingapore August 26 2013)