Short-term fillip for oversold offshore plays

VALLIANZ HOLDINGS (6.2 CENTS) - Superior relative strength

- Counter gained strength against the sector

- Prices rallied and moved above confluence of 50 and 100 day moving averages

- Technical indicators suggest that prices are likely to firm towards 6.8 cents

COSCO HOLDINGS (39 CENTS) - My bounce off 10 year low

- Prices have been making new 10 year lows

- In July prices broke below the 44 to 45 cent range.  This break indicates a move towards 36 cents

- Any rebound will be temporary with resistance at 45 cents

EZION HOLDINGS (91.5 CENTS) - Rebounds off oversold low

- Temporary rebound is underway

- Current rebound is likely to meet resistance at $1.02

- Spread between 200 day moving average and price widened to 0.35 recently

PACIFIC RADIANCE (43 CENTS) - Temporary bounce off new low

- Directional movement has turned down from nigh high of around 60

- Rebound is likely to meet resistance at 51 cents

- Prices are down 46% since start of the year

- No sign that downtrend is near its low point

PACC OFFSHORE SERVICES HOLDINGS (34.5 CENTS) - Downtrend to persist

- Short term oversold pressures should trigger temporary rebound

- Break below 45 cents indicates target of 33 cents

- Downtrend may not end and prices may move below this level

YANGZIJIANG SHIPBUILDING ($1.28) - Poised to break below support

- Prices appear poised to break below 200 day moving average

- Upcoming downtrend will be punctuated by rallies

- Eventually prices should fall to the $1 level

(Source:  TheEdgeSingapore August 3 2015)