Commodity counters gain strength

SEMBCORP MARINE ($2.37) - May test 50 day moving average

- Prices may attempt a further rebound but unlikely to move above $2.56 in near term

- Quarterly momentum remains within its downtrend

- Closing low of $2.18 is likely to hold

EZRA HOLDINGS (13.2 cents) - May gain strength

- Prices are likely to face resistance

- Counter has the ability to break above 13.9 cents

- In this event, upside is at 19 cents

EZION HOLDINGS (70.5 cents) - Covers exhaustion gap

- Counter may have made an important low

- Quarterly momentum is recovering

- If it is able to break above its own moving average in next three sessions, would trigger a price break above 74 cents

OLAM INTERNATIONAL ($2.03) - Breaks above resistance

- Prices were able to break above resistance

- Price break above $1.9 indicates target of $2.20

NOBLE GROUP (53.5 cents) - Starts sideway range

- Downtrend of the past 18 months could have found an intermediate low

- Resistance is at 59.6 cents

- If quarterly momentum breaks out in next three sessions, it would trigger a price break above 59.6 cents

- Support is at 41 cents

WILMAR INTERNATIONAL ($2.75) - Weak relative strength

- Counter has the weakest relative strength among commodity stocks

- Selling pressure appears to have abated and may provide opportunity for prices to rebound

- Resistance is at $2.85

(Source:  TheEdgeSingapore September 7 2015)