Commodity stocks attempt base formations

WILMAR INTERNATIONAL ($3.24) – Forming a base
- Prices have managed to hold at $3 support area
- Both momentum and prices are testing resistances
- Successful break above $3.15 to $3.20 region would end downtrend  and indicate target of $3.50

FIRST RESOURCES ($1.92) – Recovery underway
- In the short term prices could ease towards $1.85
- Quarterly momentum has cleared its several times tested resistance
- Break above $1.95 completes a major double bottom and indicates target of $2.25

GOLDEN AGRI-RESOURCES (54 cents) – Forming a base
- Downtrend could be coming to an end
- In the short term, counter is likely to consolidate its gains
- Quarterly momentum has yet to clear its resistance

KENCANA AGRI (24 cents) – Should attempt rebound
- Prices have moved below support level at 25 cents
- This could turn out to be a false break
- Quarterly momentum could provide support for prices to regain 25 cent level soon

INDOFOOD AGRI (84.5 cents) – Early signs of a base
- Prices are attempting to move out of a downtrend
- Quarterly momentum has also made an initial rebound
- Prices have moved above 50 days moving average
- Next resistance is at 90 cents

NOBLE GROUP (95.5 cents) – Building a base
- Prices have tested 80 cent level twice
- Successful breakout establish 86 cents as the new support
- Resistance is at $1 mark

(Source:  TheEdgeSingapore September 16 2013)