Offshore plays drift sideways

KEPPEL CORP ($10.88) – Sideways consolidation
- Corrective phase may continue
- Breakout of thrice tested resistance at $11.10 appear difficult
- Watch the rising 50 day moving average and neckline support at $10.70

SEMBCORP MARINE ($5.24) – Correction remains in force
- Correction will likely persist
- Resistance is at $5.40 level
- Break below 50 day moving average could prolong consolidation

SEMBCORP INDUSTRIES ($5.26) – Correction underway
- Prices will likely drift sideways
- Resistance has been established at $5.40
- Neckline support is at $5

ASL MARINE (55.5 cents) – Set for rebound
- Counter could attempt a rebound soon
- Prices are near support at 55 cents
- Resistance is at 65 cents

YANGZIJIANG SHIPBUILDING ($1.31) – Continued consolidation
- Current moves will probably continue to be sideways
- Support is at $1.20
- Resistance is at twice tested $1.40 level

JES INTERNATIONAL HOLDINGS (22 cents) – Continued retreat
- Indicators are mixed but evidence is pointing to a price decline
- Resistance is at 24.5 cents
- 50 day moving average is at 21.4 cents

(Source: TheEdgeSingapore April 2 2012)

Food stocks gain weight

PETRA FOODS ($2.47) – Overextended
- Prices are somewhat overextended
- Technicals confirming strong upturn
- Temporary correction is imminent
- Support is at $2.30

SUPER GROUP ($1.73) – Correction in force
- Technicals suggest that prices have the impetus to break out of resistance at $1.84
- Successful break indicates a measured move to $2
- Support is at $1.70

ABR HOLDINGS (80 cents) – Correction underway
- Temporary correction is underway
- Support should materialize at current levels
- Break below 80 cents indicates a downside of 73 cents
- Resistance is at 86.5 cents

CONSCIENCE FOOD (21 cents) – Building a base
- Prices are building a base
- Top of the base is likely to be at 23.5 cents
- Indicators suggest that prices are likely to move sideways
- Support is at 20 cents

FOOD EMPIRE HOLDINGS (36.5 cents) – Attempting breakout
- Prices are in base formation
- Break above 40 cents indicates a target of 50 cents
- Support is at 35 cents

FOOD JUNCTION HOLDINGS (18.5 cents) – Early-stage base formation
- Prices have yet to bottom
- Prices are likely to remain in a sideways trend
- Eventual successful breakout indicates target of 25 cents
- Downside is limited with support at 18 cents

(Source: TheEdgeSingapore March 26 2012)

M&A buoys tech stocks

MEIBAN GROUP (39.5 cents) – Facing resistance
- Prices should remain resilient
- There is strong resistance at 41.5 cents
- Breakout appears unlikely
- Support is at 36 to 37 cents

LAFE CORP (8.4 cents) – Gains strength
- Prices have run ahead of themselves
- Price have broken out of base formation setting target of 10.5 cents
- Support is at 7.5 cents

FU YU CORP (10 cents) – Recovery intact
- Some latent strength is evident
- Prices have managed to move above the declining 200 day moving average
- Rebound should materialize shortly
- Resistance is at 12.5 cents
- Support is at 8.9 cents

ELEC & ELTEK INTERNATIONAL (US$2.74) – Building a base
- Price action appears anaemic
- Breakout is still some way off
- Successful breakout indicates an upside of US$3.13
- Support is at US$2.61

GLOBAL TESTING CORP (6.5 cents) – Attempting breakout
- Prices are attempting to hold above 200 day moving average
- Chart pattern points to prices forming a rounding base
- Support is at 6.1 cents

BROADWAY INDUSTRIAL GROUP (45.5 cents) – Testing support
- Prices have been in a consolidation phase
- Consolidation should be temporary
- Indicators point to resumption of uptrend
- Resistance is at 50 cents
- Support is at 43 to 44 cents

(Source: TheEdgeSingapore March 19 2012)