Cosco 300408

Cosco today opened just above the long term downtrend support (low pink) at 3.05, which was yesterday's low. It also managed to recover some of yesterday's losses and came to within 2 cents of testing the 3.26 resistance (blue ...).



Cosco ended the day at 3.16, which is above the downtrend support (low red). From the volume distribution bars, we can see that 3.15 - 3.16 could be the temporary support for Cosco. With significant resistances from 3.20 all the way to 3.50.

For the time being, if Cosco opens above the downtrend support (low red) on friday, and continues to trade within the uptrend channel (blue), we might see Cosco testing the 3.26 resistance (blue ....) next week.

If Cosco breaks the uptrend support (low blue), we might see it slipping below the $3.00 level.

For friday :

Support @ 3.11 (low red), 3.07 (low blue), 3.01 (low pink)
Resistance @ 3.23 (mid pink), 3.26 (mid blue, blue ....), 3.28 (mid red), 3.36 (upp blue)

Good Luck !!

China HongX 300408

China Hongx opened below the 0.650 support (blue --) today but after that, it was trading upwards. China Hongx also managed to recover some of yesterday's loss to close above the uptrend resistance (mid blue) and downtrend resistance-turned-support (mid black).



If China Hongx opens above the downtrend support (mid black) on friday, there's a good chance we might see it testing the downtrend resistance (low red ...).

For friday :

Support @ 0.661 (mid black), 0.654 (low blue), 0.650 (blue --), 0.644 (upp red), 0.618 (low red)
Resistance @ 0.683 (mid blue), 0.693 (low red ...), 0.718 (upp blue), 0.720 (red --), 0.743 (upp black, upp red ...)

Good Luck !!

BakerTech 300408

Baker Tech has retreated a fair bit since unsuccessfully breaking the 0.315 resistance (pink --) on 4 occassions during the last 2 weeks.



BakerTech is now trading below the uptrend and downtrend support-turned-resistance (mid red, upp green). BakerTech has also hit the 0.280 support level (green --) today.

From the volume distribution bars on the left of the chart, we can see that if the 0.280 support breaks, 0.275 and 0.270 are the next 2 support levels.

If Baker Tech manages to bounce off the uptrend support (low green) and downtrend support (low red), we might see it consolidating around the 0.280 support (green --).

If the 0.280 support, as well as the 0.275 and 0.270 support, breaks, we might see BakerTech retreating all the way to the 0.240 support (blue --).

For friday :

Support @ 0.280 (green --), 0.277 (low red), 0.276 (low green), 0.270, 0.240 (blue --)
Resistance @ 0.2925 (mid red), 0.297 (upp green), 0.310 (upp red)

Good Luck !!

Yangzijiang Research Report

by DBS GROUP (29 April)

YANGZIJIANG'S Q1 2008 results were within our expectation. Q1 2008 net profit doubled to 371.3 million yuan, with revenue surging 86 per cent y-o-y to 1,694.1 million yuan.

Gross margin held up at 21.0 per cent (up 0.7 percentage point y-o-y and 1.1 percentage points higher q-o-q) as the bulk of its steel cost was locked in last year. The 72 million yuan unrealised fair value gains on forward currency contracts also boosted earnings.

Operationally, the firm managed to squeeze in four additional vessel deliveries in 2009 on the back of improved efficiency and resultant higher productivity at its new yard.In addition, these vessels were priced at over 30 per cent premium because of the shorter lead-time.

Hence, we have raised FY2008 and FY2009 revenue estimates by 10.6 per cent and 8.7 per cent, respectively. In anticipation of fatter margins for these vessels, net profit estimates were raised by 13.9 per cent and 13.0 per cent, respectively.

We remain concerned over Yangzijiang's execution of its US$6.8 billion record-high order backlog, which stretches over four years. With 30 per cent of its order book exposed to forex fluctuations and the risk of high steel prices affecting its earnings from H2 2009 onwards, the risk to forecasts is high beyond 2009.

The increase in our earnings estimates are offset by a lower target PE multiple of 14x estimated FY2009 PE (instead of 16x), in line with the industry de-rating to account for higher risk premium.

-Research Report by DBS GROUP (29 April)

Ferro China Research Report

by DMG & Partners (28 April)

FERROCHINA'S revenue for Q1 2008 grew 167 per cent y-o-y, from 1,123.6 million yuan (S$218.5 million) to 2,999.8 million yuan, mainly due to stronger demand for its products and also the additional production capacity obtained from Superb Team's acquisition in October 2007 of some 900,000 tonnes of galvanising and cold-rolling capacity.

The group managed to bag 502.6 million yuan's worth of sales from cold rolled coils, and increase sales from galvanised steel by almost an extra one billion yuan y-o-y. Net profit after tax (NPAT) also grew roughly in-line with the group's top line, from 72.2 million yuan in Q1 2007 to 188.5 million yuan in Q1 2008, up 161 per cent.

Gross profit margin y-o-y fell from 9.6 per cent to 8.8 per cent y-o-y, which demonstrates the effect of inflating steel prices. Compared with FY07 though, gross margins have been maintained for now.

The group's trump card will only be unveiled after H2 2008, when an extra 1.2 million tonnes of cold-rolled coils capacity, 600,000 tonnes of galvanised steel capacity, and one million tonnes of pickling capacity come on stream. This period will be highly imperative for earnings growth into FY09, and with this we expect H2 2008 to form 60 per cent of overall FY08 NPAT.

In addition, due to the snow storm occurring in China in Q1 2008, the group managed to enjoy higher processing fees as a result of supply cut and a one-off price shock. We estimate this to push up its gross profit margin by about one percentage point q-o-q.

The group is currently trading at book value, 6.6 times FY08 and 5.3 times FY09 PEs, which we believe to be attractive given its growth prospects. Trading up to nine times FY08 earnings, an average of its three-year historical PE, will yield a target price of $2.14.

-Research Report by DMG & Partners (28 April)

Ferro China 280408

There was excitement initially as Ferro China opened above the 1.57 resistance level (red --). FerroChina even cleared the 1.60 level.



However, the excitement was short-lived as we probably saw lots of profit taking and Ferro China softened tremendously, breaking several supports along the way.

Ferro China even broke the 1.44 support level (red ....) momentarily before closing right on the 1.44 support level (red ...).

If FerroChina opens above the 1.44 support tomorrow, we might see it attempt to test the uptrend resistance (mid light blue), and downtrend resistance (mid red), or maybe even the 1.50 resistance (light blue --).

If Ferro China opens below the 1.44 support, we might see it testing the uptrend support (low light blue), and 1.36 support level (pink ....)

For tomorrow :

Support @ 1.44 (red ...), 1.37 (low light blue, low red), 1.36 (red ...), 1.307 (low pink), 1.30 (blue --)

Resistance @ 1.49 (mid light blue, mid red), 1.50 (light blue --), 1.57 (red --)

Good Luck !!

Cosco 280408

Another counter that succumbed to profit taking. Cosco opened right on the uptrend support (low green) today, gained only a little, before going down, breaking several supports along the way.



Cosco even tested the 3.26 support (blue ...) before recovering a little, but still closing below many supports.

We could see Cosco trading sideways for the time being, with 3.26 providing support.

For tomorrow :

Support @ 3.26 (blue ...), 3.20 (low blue), 3.068 (low pink)
Resistance @ 3.30 (mid pink), 3.312 (low pink --), 3.407 (mid blue), 3.48 (blue --)

China HongX 280408

Although China Hongx opened above the long term downtrend resistance (upp black) today, it also succumbed to selling pressure and broke the 0.720 support (red --) and downtrend support (upp red).



China Hongx also tested the uptrend support (mid blue), before closing just below the downtrend support-turned-resistance (upp red).

If China Hongx opens above the downtrend resistance (upp red) tomorrow, there's a chance it might be able to test and break the 0.720 support-turned-resistance (red --).

If we see China Hongx opening below the downtrend resistance (red --), it could test the uptrend support (mid blue).

Next support could be around the 0.685 level.

For tomorrow :

Support @ 0.702 (mid blue), 0.685, 0.664 (mid black), 0.658 (low red), 0.650 (blue --)
Resistance @ 0.7107 (upp red), 0.720 (red --), 0.745 (upp black), 0.765 (upp blue)

Yangzijiang 250408

Although Yangzijiang tested several supports today, it still managed to close above all of them. However, Yangzijiang has also create a Doji today.



Would the pattern be similar to the one create on 2 apr?

If Yangzijiang opens below the 2 uptrend supports (mid light blue, upp green) on monday, and breaks the 1.08 support (green --), we might see Yangzijiang reversing and testing the 1.01 support (red --).

If Yangzijiang opens above the long term downtrend resistance (upp red) on monday, there's a high chance we might see it testing the 1.15 resistance (pink --), or maybe even break it !

For monday :

Support @ 1.10 (upp green), 1.08 (green --), 1.036 (mid green), 1.023 (low light blue), 1.01 (red --)

Resistance @ 1.107 (upp red, mid light blue), 1.15 (blue, pink --), 1.17 (upp light blue)

Good Luck !!

STX Pan Ocean 250408

Not only did STX Pan Ocean break the 3.34 resistance (pink --) on 21 apr, it also broke the uptrend resistance (upp blue).

STX Pan Ocean also broke the 3.62 resistance (green --) on 23 apr, and seems to have some temporary support at that level too.

The volume during the break out from 3.34 this week wasn't high compared to the dramatic rise at the beginning of the year. So we might see some profit taking for STX Pan Ocean this week.

If STX Pan Ocean fails to hold onto the 3.62 support, we might see it dropping back into the blue channel, with support probably around the 3.50 level.

If STX Pan Ocean trade sideways, keeping above the 3.62 support at the same time, we could see it testing the long term downtrend resistance (upp red) next week, or the week after.



For monday :

Support @ 3.62 (green --), 3.58 (low green), 3.52 (upp blue), 3.48 (low red), 3.34 (pink --)
Resistance @ 3.83 (upp red), 3.87 (upp green), 3.98

Good Luck !!

SPC 250408

SPC's dramatic rise on 16 apr has been matched by its dramatic drop this week. After trading above the 8.00 support level (blue ....) on 21 and 22 apr, SPC gapped down on 23 apr, and even broke the uptrend support (upp blue --).



And SPC gapped down today again, breaking the 7.47 support (red --), 7.35 support (green --) as well as the uptrend support (upp blue).

Next support can be seen around the 7.22 level (light blue ...). If SPC breaks that support, we might see it testing the long term downtrend support (low red).

For monday :

Support @ 7.22 (light blue ....), 7.15 (low blue), 7.10 (low red), 6.95 (light blue --)
Resistance @ 7.35 (upp blue, green --), 7.41 (mid red), 7.47 (red --), 7.52 (low blue --), 7.65

Good Luck !!

Sky Petrol 250408

After testing the 0.375 resistance level (red ...) twice on 23 and 24 apr, Sky Petrol softened today, tested and closed right on the 0.360 support (mid red, mid red --, pink ...).



If Sky Petrol can open above these supports on monday, there's a chance it might test the downtrend resistances (upp red, upp red --) next week.

If Sky Petrol breaks the uptrend support (mid blue), we might see it testing the 0.345 support (blue --).

For monday :

Support @ 0.360 (pink ...), 0.357 (mid red, mid red --), 0.356 (mid blue), 0.349 (low blue), 0.345 (blue --)
Resistance @ 0.375 (mid red --, red ....), 0.3765 (upp red), 0.385 (upp blue)

Good Luck !!

SGX 250408

SGX 1st broke above the long term uptrend resistance (green) on 21 apr. However, the next 2 days (22 and 23 apr) saw SGX opening below this resistance, before closing above it.



Finally on 24 apr, SGX opened above the uptrend resistance (green) again. But this time, it also broke another uptrend resistance (mid blue) and also tested the 8.95 resistance level (red --), before closing above the uptrend resistance now turned support (mid blue).

You can see from the huge volume done (grey boxes on the left of the chart) for the 8.75 - 8.83 region that this would be a good support for SGX. That's why today, SGX touched the 8.83 support before recovering to close above the 8.95 resistance level (red --). SGX did not even touch the uptrend support (mid blue) today.

Whether SGX can open above the 8.95 resistance (red --) on monday remains to be seen as the volume today was much lesser compared to thursday (9.6m vs 15.7m). There's also quite a chunk done at the 8.95 - 9.08 region so this could be quite a resistance for SGX to overcome.

However, if SGX can open above the 8.95 resistance level (red --) and break the uptrend resistance (upp blue) with volume, the next resistance for SGX could be around the 9.75 level.

If SGX fails to hold on to its uptrend support (mid blue), we might see it consolidating around the uptrend support (green).

For monday :

Support @ 8.97 (upp pink), 8.95 (upp red, red --), 8.88 (mid blue), 8.60 (low blue), 8.51 (low pink), 8.38 (green)

Resistance @ 9.14 (upp blue), 9.33 (blue ....), 9.45

Good Luck !!

Semb Marine 250408

Sembcorp Marine did indeed break the uptrend resistance (upp blue) on 21 apr. However, the momentum was short-lived and Sembcorp Marine softened and tested the 4.05 support on a few occassions.



The 4.05 support finally broke today. Even the downtrend support (low red) broke. Sembcorp Marine also tested the 3.88 support (pink), before closing just below the downtrend support (low red).

If Sembcorp Marine opens below the downtrend support (low red) next week, this support would turn into a resistance. And we would probably see Sembcorp Marine trade within the 3.88 support (pink) and downtrend resistance (low red) for next week.

For monday :

Support @ 3.88 (pink), 3.85 (mid blue), 3.82 (red ...)
Resistance @ 4.01 (low red), 4.05 (pink --), 4.157 (upp blue)

Good Luck !!

Olam 250408

Olam tested the 2.74 resistance level (red --) on a few occassions this week but failed to break it. Olam just about managed to stay within the uptrend channel (green).



If Olam still does not break the 2.74 resistance next week, we might see it re-visiting the 2.60 support (pink ...). And if the 2.60 support also breaks, we would probably see Olam reverting to the 2.48 support (red ...).

However, if Olam manages to break the 2.75 resistance, we might see it testing the long term uptrend resistance (upp blue) and long term downtrend resistance (low pink).

For monday :

Support @ 2.68 (low green), 2.60 (pink ...), 2.50 (low red), 2.48 (red ...)
Resistance @ 2.74 (upp red, red --), 2.84 (upp blue), 2.865 (upp green), 2.90 (low pink)

Good Luck !!

Ferro China 250408

Ferro China managed to open above the 1.44 resistance turned support (red ...) level on 24 apr. FerroChina also tested the 1.57 resistance level (red --) on the last 2 days.



Although Ferro China tested the downtrend resistance (upp pink) and uptrend support (mid light blue) today, it still managed to close just below the 1.57 resistance level (red --).

Looking at the chart, we can see there's strong support around the 1.48 - 1.50 level (light blue --), with big volume done there.

Since FerroChina could not break the 1.57 resistance level on 2 occassions, we might see it trading sideways next week within the 1.57 resistance and 1.50 support. If Ferro China can break the 1.57 resistance, the next resistance looks to be around 1.70.

For monday :

Support @ 1.50 (low red, light blue --), 1.478 (upp pink, mid light blue), 1.44 (red ...)

Resistance @ 1.56 (upp red), 1.57 (red --), 1.59 (upp light blue), 1.70

Good Luck !!

Cosco 250408

Although Cosco did test the 3.62 resistance level (red --) on 24 apr, there wasn't enough momentum and Cosco closed below the uptrend resistance (upp blue) on 24 apr.



For today, Cosco opened right on the uptrend resistance (upp blue), and again, tested the 3.62 resistance level (red --). Selling pressure, probably because it's a Friday, saw Cosco being pushed all the way and tested the uptrend support (low green). Cosco ended the day just below the 3.48 support level (blue --).

Although Cosco is still in the uptrend channel (green, blue), reducing volume, together with new lows, would probably see Cosco trading sideways for next week provided Cosco holds on to at least the uptrend support (mid blue).

If the support (mid blue) breaks, we might see Cosco testing the 3.26 support (blue ...) again.

If Cosco can stay above the 3.48 support level, we might see Cosco trading between the 3.62 resistance (red --) and 3.48 support (blue --) next week.

For monday :

Support @ 3.47, 3.45, 3.35 (low pink, mid blue), 3.33 (low pink --), 3.26 (blue ...)
Resistance @ 3.62 (red --), 3.63 (upp pink, upp blue), 3.66 (upp pink --)

Good Luck !!

China Sky 250408

Although China Sky opened above yesterday's closing price, it couldn't break the downtrend resistance (upp red) and came to a whisker of testing it.



Volume today was less than half of yesterdays, and we also saw China Sky closing right on the uptrend support (mid green), after it had tested the 1.14 support (light blue --).

We might see China Sky trading sideways next week, with 1.14 being the immediate support (light blue --). If that breaks, the next support would be at 1.10 (green --).

For monday :

Support @ 1.14 (light blue --), 1.10 (green --), 1.06 (low green)
Resistance @ 1.176 (mid green), 1.203 (upp red), 1.25 (upp green)

Good Luck !!

China HongX 250408

China Hongx opened above the downtrend resistance (upp red), and the 0.720 resistance turned support (red --) today. Although China Hongx created a new high, the volume did not create a new high.



This was evident as China Hongx softened and tested the the 0.720 support (red --) and downtrend resistance (upp red), before closing above the opening price.

From the chart, we can see that China Hongx almost tested the uptrend resistance (upp blue) and long term downtrend resistance (upp black).

If volume continues to lower, we might see China Hongx trading sideways next week, provided it can stay above the 0.720 support (red --).

If the 0.720 support breaks, we might see China Hongx testing the uptrend support (mid blue) at the 0.700 level.

Even if China Hongx breaks the long term downtrend resistance (upp black), the uptrend resistance (upp blue) might prove too big a hurdle.

For monday :

Support @ 0.720 (red --), 0.715 (upp red), 0.695 (mid blue), 0.665 (low red, mid black)
Resistance @ 0.747 (upp black), 0.758 (upp blue), 0.790 (light blue)

Good Luck !!

BakerTech 250408

Baker Tech seems to have found temporary support @ 0.290. However, BakerTech also tested the uptrend support (mid green), and also closed below the downtrend support (mid red).



The point where the 2 support (mid green, mid red) meets next week on 29 apr at 0.295 will be crucial. If Baker Tech starts trading below that level, we might see it re-visiting the 0.280 support (green --).

If BakerTech can hold onto the uptrend support (mid green), we might still see it having a chance at testing the 0.315 resistance (pink --)

For monday :

Support @ 0.293 (mid green), 0.287 (low red), 0.280 (green --)
Resistance @ 0.295 (mid red), 0.300, 0.305, 0.313 (upp red), 0.315 (pink --)

Good Luck !!

SPC Research Report

by DBS Group (April 23)

WHILE the group's operating profit was up 7 per cent y-o-y, operating profit from refining business actually dropped 24 per cent or S$25 million from a year ago. This was despite a stable refining margin of US$7 per barrel. Oil hedging loss, weak US dollar, and high freight rate contributed to the y-o-y decline in operating profit from refining business.

Management did not disclose details of its hedging activities but indicated that hedging cost was $10 million higher than in Q1 2007. Trading volume is expected to recover in Q2 2008 from a decline in Q1 2008 to 19.3 million barrels, versus 20.5 million barrels in Q1 2007. However, the scheduled maintenance in Q2 2008 would lower refinery crude throughput by 3 per cent from the Q1 2008 level.

SPC is still seeking to acquire operating E&P assets. However, management acknowledged that at current record-high oil prices it would be difficult to find any acquisition opportunity at good price. Therefore, SPC will likely focus more on E&P organic growth during the next two years.

It expects to drill 18-19 exploration wells in 2008 with allocated budget of US$50 million-US$60 million. Refining business will continue to dominate SPC's earnings in the coming years. We expect SPC's quarterly earnings to peak in Q2 2008, supported by seasonally strong refining margins and record crude prices.

We expect quarterly earnings to jump to S$160 million-S$180 million in Q2 2008, and soften to S$100 million-S$130 million in Q3-Q4 2008.

Based on our recently raised crude price assumptions, we forecasted FY08-09 net profits that are 1.8 per cent and 11 per cent higher respectively. Hence, we revised our sum-of-parts TP to S$7.84 based on: 1) attractive dividend yield of 7.5 per cent; 2) current strong refining margin and high crude prices; and 3) relatively cheaper valuations compared with regional peers.

-Research Report by DBS Group (April 23)

Cosco Research Report

by UOB Kayhian (24 April)

DURING our visit to its shipyards last week, Cosco showcased the expansion of its yards in Guangdong (shipbuilding), Lianyungang (ship repair and conversion) and Qidong (offshore).

Cosco Guangdong's shipbuilding capacity is expected to grow from about S$200 million in 2009 to S$900 million in 2012, while Cosco Lianyungang's ship repair and conversion capacity is expected to grow from S$90 million in 2008 to S$450 million in 2012.

The new Cosco Qidong site is expected to have new offshore building capacity in excess of S$1.2 billion when completed in 2010.

We see orders for shipbuilding, in particular for dry bulk carriers, slowing in 2008. However, we expect this to be offset by an increase in orders for offshore-related projects, in particular shuttle tankers, given the expected growth in floating production systems in the coming years.

During our visit, we double-checked the steel requirement on a volume (ton) basis for Cosco's major shipbuilding and offshore contracts. We estimate the potential impact on Cosco's shipbuilding projects at 6.6-8 percentage points for shipbuilding projects and 1.5-3.6 percentage points for offshore projects, when factoring in steel prices of US$1,100 per ton versus Cosco's average budgeted steel price of US$800 per ton.

As our earnings forecasts already assume steel prices of US$1,100 per ton versus the current level of US$900 per ton, we are not revising our earnings forecasts. Chinese shipbuilders like Yangzijiang and JES International generally report gross margins of about 25 per cent and up for bulk carrier new builds; and for Cosco's bulk carrier new builds, we are assuming gross margins of about 16 per cent.

We have adjusted our earnings marginally (2008: -2.3 per cent, 2009: -3 per cent, and 2010: +3 per cent) to factor in the cancellation of the GM5000 semi-submersible rig hull contract and increased shiprepair revenue from contributions from new yard capacity.

-Research Report by UOB Kayhian (24 April)

STX Pan Ocean Research Report

by CIMB-GK (25 April)

WE REAFFIRM our bullish expectations for the global dry bulk sector and forecast an average of 8,000 points for the Baltic Dry Index this year against 7,076 points last year, although freight rates will be more volatile as the gap in supply narrows.

Maintain 'overweight' on the dry-bulk sector: We believe that share prices of dry-bulk companies will do well particularly in H2 2008, with the key catalyst being stronger momentum on dry freight rates as the supply of iron ore and coal accelerates.

We are confident that demand will continue to be strong and vessel supply manageable. The threat of conversions is more bark than bite, while delivery delays and order cancellations may help reduce supply growth on the margins.

Our new target is based on a 20 per cent premium to our sum-of-the-parts valuation of $3.60, fusing the market value of its existing fleet and newbuildings, with a four times PE valuation for its chartered-in earnings, and the market value of its holding in Korea Express.

We have imputed a 20 per cent premium because STX Pan Ocean's share price is historically highly correlated to the momentum in dry-bulk freight rates. We did not previously input a premium. Earnings estimates remain unchanged.

- Research Report by CIMB-GK (25 April)

Yangzijiang 240408

Yangzijiang broke the 1.05 resistance level (pink --) with volume today. It also broke 2 uptrend resistance (mid light blue, upp green) but only managed to close above one of them (mid light blue).



Immediate resistance can be seen at 1.14, which is the high on 29 feb, where Yangzijiang tumbled down from.

If Yangzijiang can open above the uptrend resistance (upp green), there's a high chance we might see it testing the 1.14 resistance.

Or we might see Yangzijiang retreating to the 1.05 level if the support (mid light blue) doesn't hold.

For tomorrow :

Support @ 1.078 (mid light blue), 1.05 (pink --), 1.03 (mid green), 1.01 (red --), 1.00 (low light blue),
Resistance @ 1.094 (upp green), 1.14 (blue), 1.15 (upp light blue)

Good Luck !!

China Sky 240408

China Sky gapped up and opened above the 1.14 resistance level (pink --). However, there was selling pressure later on and China Sky closed just 1 cent above its opening price.



We could see China Sky being forced into a corner sometime next week. If China Sky can hold onto its support (mid green), we might see it breaking out of the downtrend resistance (upp red).

If the support doesn't hold, China Sky might revert to the 1.14 support (pink --) or even the 1.10 support (red --).

For tomorrow :

Support @ 1.16 (mid green), 1.14 (pink --), 1.10 (red --), 1.043 (low green), 1.027 (low red)
Resistance @ 1.213 (upp red), 1.27 (upp green), 1.35 (red ....)

Good Luck !!

China HongX 240408

China Hongx opened opened above the 0.650 support (blue --) and downtrend resistance (low red) today.



China Hongx also broke the uptrend resistance turned support (mid blue), long term downtrend resistance (mid black), and also went on to test the 0.720 resistance level (red --) and uptrend resistance (upp blue).

The break out today was also accompanied by a new high in volume.

If China Hongx opens above the uptrend support (mid blue) tomorrow, there's a high chance we might see China Hongx test the 0.720 resistance level (red --) again.

If China Hongx breaks below the downtrend support (low red), we might see it consolidating at the 0.650 support level (blue --).

For tomorrow :

Support @ 0.708 (light blue), 0.685 (mid blue), 0.681 (mid black), 0.662 (low red), 0.650 (blue --)
Resistance @ 0.720 (upp red, red --), 0.732 (upp blue), 0.762 (upp black)

Good Luck !!

Yangzijiang 230408

Although Yangzijiang did not open at or above 0.950 on 22 apr, it still managed to recover and break the uptrend resistance (upp blue).



Yangzijiang broke the 1.01 resistance level (red --) with volume today. It also tested the uptrend resistance (upp light blue) and closed right on another uptrend resistance (low green).

Next immediate resistance can be seen at the 1.05 level (pink --). If Yangzijiang can open tomorrow at 1.01 or higher, and break the uptrend resistance (low green), there's a high chance we might see Yangzijiang testing the 1.05 resistance level soon.

For tomorrow :

Support @ 1.01 (red --), 0.989 (upp blue), 0.978 (low light blue)
Resistance @ 1.025 (low green), 1.05 (pink --), 1.06 (upp light blue), 1.07 (mid green), 1.14 (29 feb high)

Good Luck !!

Ferro China 230408

Ferro China broke above the uptrend resistance (mid light blue) with volume today. FerroChina also broke the 1.44 resistance level (red ...).



If Ferro China can trade above the 1.44 level, it would be a good support level.

For tomorrow :

Support @ 1.47 (low light blue --), 1.44 (red ...), 1.40 (upp light blue), 1.37 (low pink)
Resistance @ 1.50 (upp pink), 1.55 (upp light blue --), 1.58 (red --)

Good Luck !!

Cosco 230408

Cosco continues to trade above the long term downtrend resistance (upp red) today. Cosco also broke the 3.48 neckline (blue --). However, the uptrend today was not accompanied by higher volume.



If Cosco can continue to trade within the 2 uptrend channels (green, blue), we might see it testing the 3.62 neckline (red --).

But if Cosco cannot maintain above the 3.48 neckline, we might see it trading between 3.26 (blue ....) and 3.48 (blue --).

For tomorrow :

Support @ 3.48 (blue --), 3.33 (low green), 3.28 (mid blue, upp red), 3.26 (blue ...)
Resistance @ 3.51 (upp pink --), 3.55 (upp blue), 3.62 (upp green, red --)

Good Luck !!

BakerTech 230408

BakerTech broke the uptrend resistance (upp green) with volume today. It also tested the downtrend resistance (upp red) and the 0.315 neckline (pink --).



If BakerTech continues to trade within the uptrend channel (green), we might see it testing or even breaking the 0.315 neckline (pink --).

If the support (mid green) breaks, we might see BakerTech testing the 0.280 support (green --).

For tomorrow :

Support @ 0.305 (upp green), 0.292 (mid green), 0.283 (pink, low green), 0.280 (green --)
Resistance @ 0.309 (upp red), 0.315 (red --), 0.3215 (green ...)

Good Luck !!

Yangzijiang 210408

Yangzijiang broke out of the long term downtrend resistance (upp red) with volume today. It also managed to close above the uptrend resistance (mid blue).



If Yangzijiang can open at or above the uptrend resistance (mid blue) at 0.950 or above, there's a high chance we might see it testing the 1.01 resistance level this week.

For tomorrow :

Support @ 0.948 (mid blue), 0.9012 (low blue), 0.8913 (upp red)
Resistance @ 0.975 (upp blue), 1.01 (green, red --)

Good Luck !!

China Sky 210408

China Sky broke out from the long term downtrend resistance (upp red) with volume today. It also came within 1 cent of testing the uptrend resistance (upp green).



If China Sky can open above the downtrend resistance (upp pink --) tomorrow, there's a high chance it might test the 1.10 resistance level (red --).

For tomorrow :

Support @ 1.013 (low green, mid pink --), 1.00 (blue --), 0.990 (upp red)
Resistance @ 1.05 (upp pink --), 1.08 (upp green), 1.10 (red --), 1.14 (pink --)

Good Luck !!

China HongX 210408

China Hongx broke several resistance with volume today. First, it broke the 0.610 resistance (blue ...), then the downtrend resistance (upp red), and lastly the uptrend resistance (mid blue).



China Hongx should open above the 0.610 resistance (turned support now) tomorrow. But whether it can open above the downtrend resistance (upp red) remains to be seen.

For tomorrow :

Support @ 0.625 (upp red), 0.610 (low blue, blue ...), 0.595 (green --)
Resistance @ 0.642 (mid blue), 0.650 (red --), 0.660 (upp blue)

Good Luck !!

Yangzijiang 180408

Yangzijiang has been on the downtrend ever since it broke the 1.01 support on 9 apr. Looking at the chart, Yangzijiang could be forming a double-bottom.



We will have to see if Yangzijiang reverses it downtrend next week to confirm the formation of the double-bottom.

If Yangzijiang breaks the support (low blue), we might see it testing the 0.850 level.

For monday :

Support @ 0.895 (low blue), 0.852 (mid red), 0.803 (low red)
Resistance @ 0.910 (upp red), 0.925 (mid blue), 0.965 (upp blue)

Good Luck !!

STX Pan Ocean 180408

STX Pan Ocean broke the long term downtrend resistance (upp red) on 15 apr. Thereafter, STX Pan Ocean traded above the 3.14 neckline (red --) but not too convincingly.

However, we can see that since the low on 22 jan, the subsequent lows of STX Pan Ocean have been higher. And STX Pan Ocean is also currently trading in an uptrend (blue).

If STX Pan Ocean can maintain trading within the uptrend channel (blue), as well as above the 3.14 neckline (red --), we might see it 3.34 resistance (pink --) next week.



For monday :

Support @ 3.14 (red --), 3.12 (mid blue), 3.037 (upp red, low blue), 2.86 (low red), 2.82 (blue --)
Resistance @ 3.22 (16, 18 apr high), 3.33 (upp blue), 3.34 (pink --)

Good Luck !!

SPC 180408

SPC did indeed open above the 7.35 resistance (green --) on 16 apr. To say that it tested the 7.52 resistance (red --) was an understatement. It practically pierced through the resistance and rocketed.



SPC went on to test the 8.10 neckline (pink --), which we saw it briefly breaking through on 17 apr, before settling down around the 8.00 support level (blue ...).

It remains to be seen whether the 8.00 support (blue ...) can hold since SPC has already been on the uptrend since 17 mar.

We would probably see some profit taking for SPC next week, with the price bouncing between the 7.80 support (green ...) and 8.10 (pink --) or 8.00 (blue ...) resistance.

For monday :

Support @ 8.00 (blue ...), 7.80 (green ...), 7.783 (low pink), 7.608 (upp blue --), 7.52 (red --), 7.41 (upp red)
Resistance @ 8.10 (pink --), 8.13 (upp pink), 8.15

Good Luck !!

Semb Marine 180408

What a week it has been for Sembcorp Marine !



On Monday 14 apr, Sembcorp Marine nearly broke the uptrend support (low blue) and 3.30 support level (blue --).

Then on 15 apr, it broke the 3.41 resistance level (green --), the downtrend resistance (low red --), and nearly tested the uptrend resistance (mid blue), before closing below the downtrend resistance (low red --).

Sembcorp Marine performed another dramatic rise again the next day, wed 16 apr. It opened above the 2nd downtrend resistance (mid red --), tested the 3rd downtrend resistance (upp red --), before closing below the 3rd downtrend resistance.

Sembcorp left the best to the last day where it broke the 3.88 neckline (pink), and even tested the 4.05 neckline (pink --).

This pattern is almost similar to the dramatic rise back in feb (11 to 18 feb).

We may see Sembcorp Marine run for a abit next week, but the peak would most likely be capped by the 3rd uptrend resistance (upp blue).

If Sembcorp Marine can keep its neck above the 4.05 neckline (pink --) next week, we might see it breaking the uptrend resistance (upp blue).

For monday :

Support @ 3.95 (low red), 3.88 (pink), 3.82 (red ...), 3.77 (upp red --), 3.65 (mid blue), 3.61 (mid red --, light blue --)

Resistance @ 4.05 (upp red, pink --), 4.10 (upp blue), 4.24 (blue ...)

Good Luck !!

Olam 180408

Olam broke the long term downtrend resistance (upp red) and the 2.60 neckline (pink ...) on 17 apr. Olam seems to have hit the 2.73 neckline (red --).



Olam has been on the uptrend since 10 apr but average volume has been less than 3,500. Since Olam has hit the 2.73 neckline (red --), we might see it trading sideways next week.

However, if Olam can maintain trading within the uptrend channel (green), and breaks the 2.73 neckline (red --), we might see Olam testing the long term uptren resistance (upp blue).

For monday :

Support @ 2.657 (mid green), 2.60 (upp red, pink ...), 2.48 (low green), 2.47 (red ...), 2.36 (low red, green --)
Resistance @ 2.73 (red --), 2.76 (upp green), 2.836 (upp blue), 2.92 (low pink)

Good Luck !!

Lian Beng 180408

Ever since Lian Beng broke the long term uptrend support (blue on 28 feb), it has lost more than 50% since its 0.820 peak on 3 jan.



Lian Beng seems to have found temporary support around the 0.360 level. First resistance would be at 0.400 but Lian Beng would first have to break out of the purple channel to have any chance of testing that resistance.

For monday :

Support @ 0.356 (low purple), 0.3277 (low pink)
Resistance @ 0.363 (upp pink), 0.380 (upp purple), 0.400 (red --)

Good Luck !!

Ferro China 180408

Although Ferro China broke the uptrend support (low light blue) today, it still managed to close above it. FerroChina also tested the 1.30 support (mid red, blue --).



If the 1.30 support (blue --) stays intact, we might see Ferro China testing the 1.36 resistance level (red ...) next week. If the 1.36 resistance breaks, the next resistance could be around the 1.40 - 1.42 region.

For monday :

Support @ 1.30 (blue --), 1.2955 (mid red), 1.273 (low red), 1.21 (green --)
Resistance @ 1.333 (low light blue, upp pink), 1.36 (red ....), 1.386 (upp red, upp light blue), 1.40-1.42

Good Luck !!

China Aviation Oil 180408

After hitting a high of 1.73 on 8 apr, China Aviation Oil softened but found support at the 1.57 level (green --), before rebounding up again.



China Aviation Oil seems to be coming off the boil as the next peak on 17 apr was lower. We might see China Aviation Oil trading within the downtrend channel (red --) next week.

For monday :

Support @ 1.62 (mid red --), 1.57 (green --), 1.552 (low red --), 1.50 (green ...)
Resistance @ 1.65 (low blue), 1.66 (upp red --), 1.707 (upp blue)

Good Luck !!

China Sky 180408

China Sky continued trading within the downtrend channel (pink --) this week. However, it seemed to have found good support at the 1.00 support level (blue --).



If China Sky can hold onto the 1.00 support (green --) next week, there's a good chance it might reverse its downtrend.

However, if that support breaks, we might see China Sky testing the 0.900 level.

For monday :

Support @ 1.00 (low green, blue --), 0.960 (low pink --), 0.870 (low red)
Resistance @ 1.01 (upp red), 1.018 (mid pink --), 1.06 (upp pink --), 1.07 (upp green), 1.10 (red --)

Good Luck !!

China HongX 180408

China Hongx failed to stay within the uptrend channel (blue) and also broke the 0.545 support (blue --). China Hongx also tested the downtrend support (mid red) but managed to close above it.



To have any chance of testing the 0.610 resistance (blue ....) China Hongx would first have to maintain trading above the 0.590 level (green --).

If China Hongx continues to trade below the 0.590 level, and if it breaks the downtrend support (mid red), we might see China Hongx testing the 0.545 support (blue --).

For monday :

Support @ 0.576 (mid red), 0.560, 0.545 (blue --)
Resistance @ 0.590 (green --), 0.600 (low blue), 0.610 (blue ...), 0.630 (upp red, upp blue)

Good Luck !!

BakerTech 180408

After hitting the 0.315 resistance level (pink --), BakerTech softened today but still managed to close right on the downtrend support (upp pink).



If Bakertech breaks this support (upp pink) next week, we might see it testing the 0.280 support level (green --).

For monday :

Support @ 0.288 (upp pink), 0.280 (low red, green --), 0.277 (low green), 0.270
Resistance @ 0.293 (mid green), 0.305, 0.313 (upp red), 0.315 (pink --)

Good Luck !!

Cosco 170408

Cosco opened right on the uptrend support (blue) before weakening, and broke the downtrend support (low red), and closed right on another downtrend support (mid pink --).



If Cosco fails to hold onto this support (mid pink --), we might see it testing the 2.85 support (green --) again.

For tomorrow :

Support @ 2.95 (mid pink --), 2.85 (green --), 2.82 (low pink --)
Resistance @ 3.01 (low red), 3.045 (low light blue), 3.15 (upp pink --), 3.26 (blue, upp light blue, blue ....)

Good Luck !!

China HongX 170408

China Hongx managed to recover above the 0.590 support level (green --) today. It also managed to test the 0.610 resistance (blue ...).



If China Hongx can trade within the uptrend channel (blue), we might see it breaking the 0.610 resistance (blue ...) soon.

For tomorrow :

Support @ 0.590 (green --), 0.580 (mid red), 0.545 (blue --), 0.535 (low red)
Resistance @ 0.593 (low blue), 0.610 (blue ...), 0.620 (upp blue), 0.635 (upp red)

Good Luck !!

BakerTech 170408

BakerTech managed to recover on 15 apr and broke the 0.280 resistance level (green --). It also broke the long term downtrend resistance (upp pink) and tested the 0.310 resistance level (pink --) on 16 apr.



Although today BakerTech opened right on the 0.310 resistance level and weakened, it still managed to close above the uptrend support (mid green) and long term downtrend resistance (upp pink).

If BakerTech continues to trade within the uptrend channel, we might see it testing the 0.310 resistance level (pink --) again. If the support is broken, we might see BakerTech receding to the 0.280 support level (green --).

For tomorrow :

Support @ 0.2914 (mid green), 0.2894 (upp pink), 0.280 (green --), 0.2758 (low green)
Resistance @ 0.315 (upp green, pink --), 0.330

Good Luck !!

SPC 150408

SPC has been rising steadily since 20 mar and is now less than 10 cents away from the 7.52 resistance level (red --).



SPC broke the 1st resistance level of 7.35 (green --) today. If SPC opens above this resistance level (green --) tomorrow, we might see it testing the 7.52 resistance (red --).

For tomorrow :

Support @ 7.35 (green --), 7.28 (low blue --), 7.10 (upp blue), 6.92 (low blue), 6.88 (low red)
Resistance @ 7.458 (upp red), 7.52 (red -- , upp blue --)

Good Luck !!

Semb Marine 150408

Sembcorp Marine today broke the 3.41 resistance (green --) and came very close to testing the 3.61 resistance (pink --).



If Sembcorp Marine can continue to trade within the short term uptrend channel (blue), we may be looking at Sembcorp Marine forming a triple bottom formation, which has it lowest bottom back on 11 feb.

For tomorrow :

Support @ 3.43 (mid blue), 3.41 (green --), 3.376 (mid red), 3.33 (low blue), 3.30 (low red, blue --)
Resistance @ 3.54 (upp red), 3.61 (upp blue, pink --), 3.633 (low red --)

Good Luck !!

Olam 140408

The signal for Olam came today when it opened above the downtrend resistance (low red) and broke the 2.47 resistance (red ...).



Olam also tested the uptrend resistance (upp green) and downtrend resistance (upp pink), before closing right on the uptrend resistance (upp green).

If Olam can open above the 2.47 resistance (red ...) tomorrow, we might see it testing the 2.60 resistance (pink ...).

For tomorrow :

Support @ 2.47 (red ...), 2.38 (low red), 2.36 (low green, green --), 2.26 (low pink)
Resistance @ 2.50 (upp pink), 2.53 (upp green), 2.60 (pink ...), 2.62 (upp red)

Good Luck !!

Cosco 140408

After bouncing off the downtrend support (upp pink) yesterday, Cosco managed to open above the downtrend resistance (low pink --) today.



Cosco may see some resistance around the 3.02 - 3.03 level (19 mar high).

For tomorrow :

Support @ 2.88 (low pink --), 2.85 (green --), 2.74 (upp pink, low red)
Resistance @ 3.00 (low blue), 3.024 (mid pink --), 3.09 (mid red), 3.146 (upp blue)

Good Luck !!

China Sky 140408

China Sky has been trading within the downtrend channel (pink --) ever since breaking the uptrend support (low green) and 1.10 psychological support (blue --) on 9 apr.



However, China Sky seems to have found temporary support around the 1.00 level.

If China Sky continues to trade within the downtrend channel (pink --), we might see it testing the 0.960 - 0.965 level.

For tomorrow :

Support @ 1.013 (low blue), 0.987 (low pink --), 0.950 (low pink), 0.922 (low red)
Resistance @ 1.048 (mid pink --), 1.062 (upp red), 1.076 (upp blue), 1.09 (upp pink --) 1.10 (blue --)

Good Luck !!

China Milk 140408

There wasn't enough follow through buying for China Milk today, closing just on the downtrend resistance (upp red --).



If China Milk cannot open above the uptrend support (low blue), then we might see it testing the 0.680 support (blue --), or maybe even the 0.650 support (blue ...)

For tomorrow :

Support @ 0.6977 (upp red --), 0.680 (blue --), 0.650 (blue ...), 0.643 (low red)
Resistance @ 0.715 (low blue), 0.740 (red ...), 0.767 (upp blue), 0.780 (upp red)

Good Luck !!

China HongX 140408

China Hongx broke the 0.595 support (green --) today, and is still trading within the downtrend channel (pink).



We might see China Hongx testing the 0.545 support (blue --) before there's any chance of it reversing up.

For tomorrow :

Support @ 0.566 (mid red), 0.545 (low red, blue --), 0.536 (low pink)
Resistance @ 0.581 (low purple, upp pink), 0.595 (green --), 0.610 (blue ...), 0.627 (upp purple)

Good Luck !!

Sky Petrol 110408

After breaking the 0.345 resistance (blue --) on 8 apr, Sky Petrol seem to have weakened but still managed to bounce off the 0.345 resistance turned support (blue --).



Sky Petrol could trade sideways next week. If Sky Petrol doesn't break the 0.345 support (blue --), there's a good chance it may test the 0.365 resistance (pink ...) again.

If the 0.345 support (blue --) breaks, Sky Petrol may revisit the 0.315 support (light blue --).

For monday :

Support @ 0.338 (low blue), 0.345 (blue --), 0.331 (low red, low red --), 0.315 (light blue --)
Resistance @ 0.350 (upp blue, mid blue), 0.358 (upp red), 0.365 (pink ...)

Good Luck !!