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)

S-chips tarred with the same brush

MIDAS HOLDINGS (47  cents) – Downtrend to continue
- Support is at twice tested 43.5 cents
- Volume is rising and expanding in black candle sessions
- Rebounds are likely to be temporary
- Downmoves set to be stronger than rebounds

YING LI INTERNATIONAL (41.5 cents) – Breaks below support
- Any rebound is likely to be short lived
- Prices have broken below 42 cent level indicating downside objective of 35 cents
- Technical indicators show signs that the downtrend has yet to run its course

SOUND GLOBAL (64 cents) – Uptrend intact
- Prices have not broken down or violated any key support level
- Break above 67 cents would be tough
- Support is at 62.5 cents

SUNVIC CHEMICAL HOLDINGS (41.5 cents) – Breaks support
- Short term oversold readings
- Chart breakdown indicates measuring objective of 30 cents
- Support appears first at 35 cents
- Resistance is at 43 to 44 cents

YANLORD LAND GROUP ($1.185) – Support breached
- Prices have fallen below support at $1.23
- Breakdown indicates target of $1.02
- Temporary bounce could materialize

SINO GRANDNESS FOOD INDUSTRY GROUP ($1.175) – Breaks below double top
- Prices are attempting a temporary rebound
- Resistance is at $1.25
- Prices have broken neckline indicating downside objective of $1

(Source:  TheEdgeSingapore September 2 2013)

Commodity stocks oversold

WILMAR INTERNATIONAL ($3.10) – Downtrend to continue

-         Breakdown level is at $3.09

-         Break would indicate target of $2.88

-         Short term stochastics is at low end and could trigger bounce

-         Prices unlikely to move above $3.10

NOBLE GROUP (81 cents) – Downward momentum persists

-         In short term, prices could actually rebound

-         Strong oversold pressures could trigger a bounce

-         Resistance is at 90 cents

-         Break below support in July indicates target of 55 to 60 cents

GOLDEN AGRI-RESOURCES (52 cents) – Downtrend intact

-         Trend is still downwards

-         Resistance is at 53 cents

-         Mixed state of indicators will keep prices within 50 and 53 cents range

KENCANA AGRI (24.5 cents) – Holds on to support

-         Downward momentum could be coming to an end

-         For next few weeks, prices could stay rangebound

-         Support is near current levels

-         Resistance is at 29 cents

FIRST RESOURCES ($1.72) – Early signs of a base

-         Prices are hovering around $1.68 support

-         Indicators suggest that there may be rebound which would meet resistance at $1.78

-         Prices could form a base if it is able to hold above $1.65

OLAM INTERNATIONAL ($1.54) – Set to retest $1.395

-         Immediate support is at $1.58 to $1.60 range

-         Breakdown is imminent and target of $1 is indicated from beakdown

-         Prices have already fallen below the three medium and long term moving averages.

(Source:  TheEdgeSingapore August 26 2013)