Oversold S-chips fail to rebound

COSCO CORP (45.5 cents) - Selling pressure abates

- Prices have broken twice tested support at 47.5 cents

- Price breakdown indicates target of 32 cents

- Rebound is likely to be a temporary reaction to short term oversold pressures with resistance at 47.5 cents

MIDAS HOLDINGS (30 cents) - Weakening relative strength

- Break below 32 cents indicates downside of 23 cents

- There could be temporary rebound in the next two sessions as short term oversold pressures build up

- Resistance appears at 32 to 32.5 cents

UNITED ENVIROTECH ($1.645) - Poised for a breakdown

- Prices need to hold on to the 200 day moving average

- Indicators suggest weakness

- Decline is likely to resume shortly

- Break below $1.60 indicates a target of $1.40

SICC ENVIRONMENT (17.3 cents) - Temporary rebound in downtrend

- Short term oversold pressures have triggered a rebound

- Overall a downtrend has been established

- Downside is at 14.4 cents level

- A sustained recovery will only materialise once counter has formed a base

CHINA MINZHONG FOOD CORP (84.5 cents) - Selling pressure persists

- Declining trend is very evident

- Support is at 80 cents and break below this level indicates target of 55 to 56 cents

YANGZIJIANG SHIPBUILDING ($1.325) - Breaks support

- Prices recently broke below support at $1.39

- Indicators suggest that counter has started to form a downtrend

- Initial support is at $1.25 to $1.26

- Eventual downside could be below $1.10

(Source:  TheEdgeSingapore July 13 2015)