Commodity stocks remain weak

GOLDEN AGRI-RESOURCES (66.5 cents) – Start of base formation


- Temporary rebound is underway

- Chart pattern could start to resemble a base formation

- Support is at 60 cents


INDOFOOD AGRI ($1.25) – Finds support

- Prices found support at $1.19

- No signs of positive divergence

- Immediate resistance appears at $1.26


FIRST RESOURCES ($2.14) – Support holds

- Prices have bounced off $2 to $2.03 support

- Resistance is at $2.20

- Support at $2 to $2.03 could give way eventually

- Next support is at $1.90



NOBLE GROUP ($1.08) – Poised for breakdown

- Temporary rebound is probably over

- If thrice tested support area at $1.02 to $1.07 does not hold, downside target is 90 cents

- Break above $1.10 could negate the negative outlook



OLAM INTERNATIONAL ($1.56) – Relief rally

- Break below $1.61 indicates a downside of $1.44

- Resistance is a $1.61

- In the short term, oversold pressures should trigger another temporary rebound

- Eventually prices are likely to fall below $1.46



WILMAR INTERNATIONAL ($3.19) – Signs of bottoming

- Prices are attempting to establish a floor

- Attempting to move above 50 and 100 day moving averages

- Positive divergence between price and momentum since June

- Breakout is needed for divergence to confirm price upmove



(Source: TheEdgeSingapore December 3 2012)

Blue chips in temporary rebound

DBS GROUP HOLDINGS ($13.89) - Temporary rebound

- Prices are hanging on

- Resistance at $14 to $14.20 level

- There has been some selling with volume expansion as prices drifted lower

CITY DEVELOPMENTS ($11.28) - Bounces off 200 day moving average

- Resistance is at $11.50

- Break below moving average would cause a simultaneous break below support at $11

- Support at $10.30 to $10.50 level should stop decline

KEPPEL CORP ($10.55) - Temporary rebound

- Temporary rebound is underway

- There is a target of $9.80 indicated from the break below double top in October

- Trend remains downwards

NOBLE GROUP ($1.075) - Momentary bounce possible

- In the process of a temporary bounce

- Resistance likely to appear at $1.10

- Break below $1 gives downside of around 75 cents

OLAM INTERNATIONAL ($1.685) - Downtrend to continue

- Temporary rebound is unlikely to be sustained

- Resistance is lowered to $1.80

- Some support at $1.61 which is unlikely to hold

- Downside target is $1.44

SEMPCORP MARINE ($4.38) - Temporary rebound underway

- Resistance appears at $4.50

- Initial downside target of $4.20 has been reached and breached

- If November low of $4.11 is broken it will cause a measured move to the downside

(Source:  TheEdgeSingapore November 26 2012)

Tide goes out

SEMBCORP MARINE ($4.40) - Short term oversold
- Short-term stochastics is at the bottom of its range
- In the medium term, technicals are negative
- Prices broke below $4.80 indicating a downside of $4.20

SEMBCORP INDUSTRIES ($5.04) - Sharp sell-off
- Short term oversold pressures could trigger temporary rebound
- Rebound is likely to find resistance at 200 day moving average
- Break below double top indicated target of $4.80

KEPPEL CORP ($10.38) - Breaks below support
- Prices have just broken below support
- Recent breaks indicates a target of $9.80
- Quarterly momentum has fallen below its support and equilibrium line
- Any rebound is likely to be temporary with resistance at $10.70

YANGZIJIANG (93.5 cents) - Locked in downtrend
- Prices are attempting to build a base
- Unlikely to break resistance at 97 cents
- Support appears at 89 cents
- Breakdown would indicate a downside of 79 cents

COSCO CORP (90.5 cents) - Testing resistance
- On a purely technical basis, this counter could have seen the worst of its declines
- Resistance is at 94 to 95 cents range
- There is some buying resistance which may take the counter to 95 cents
- Eventual successful breakout would give target of $1.20 to $1.22
- Support is at 85 cents

NAM CHEONG (23.5 cents) - Prices have peaked
- Uptrend remains intact
- Quarterly momentum appears poised to breakdown shortly
- Upcoming decline may be part of a top formation
- Support is at 22 cents.  If this is breached, downside is at 17.5 cents

(Source:  TheEdgeSingapore November 12, 2012)