Straits Asia - double top formation

Chart for StraitsAsia=$1.89 (Double top formation, sell)

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StraitsAsia broken yellowline

StraitsAsia=$1.66 (Broken yellowline at $1.69.... First target=$1.52 which is 38.2% retracement)

Candidates for technical rebound? Biosensors, Raffles Education, Straits Asia, AusGroup, Genting

Biosensors=$0.48 (Another candidate for technical rebound?)


RafflesEdu=$0.565 (Candidate for technical rebound?)


StraitsAsia=1.73 (Correction from high of $1.96 on 12 Jun, potential candidate for a technical rebound)


AusGroup=$0.55 (Potential candidate for a rebound to yellowline at $0.58)


Genting SP=$0.68 (Yellowline at $0.71)

Buy Suntec Reit, JMH, Straits Asia Resource Technically

Suntec REIT (SUN SP; S$0.72) – BUY

• The stock is now testing its medium term downtrend resistance at S$0.73. A breakout above this resistance is bullish for the stock. The next resistance is at S$0.785 and S$0.86.

• MACD has reconfirmed its golden cross while RSI has also inched higher from its neutral position.

• Buy half now and the rest on the breakout above the said resistance. Put stop loss below its 30-day SMA at S$0.635.

Suntec REIT owns prime office and retail space in the Central Business District(CBD) of Singapore. Its portfolio comprises of office and retail properties in Suntec City, a prime landmark property strategically located in the CBD and the largest integrated commercial complex in Singapore (including Singapore’s largest shopping mall).

Jardine Matheson (JM SP; US$21.22) – BUY

• The stock is still languished in its medium term sideways trend channel despite having bounced off its Mar lows of US$15.90. It tested the upside resistance at US$23.90 but it did not have enough in the engine to breakout above it. It is now forming a base near the middle band support at US$19.90.

• MACD and RSI are starting to hook upwards again, probably suggesting that it could soon head higher to retest its upper resistance at US$23.90.

• Furthermore, it is still above its 30-day SMA, which is now at US$19.65. Investors may want buy near the support levels of US$19.90. Cut losses if prices fall below the US$19.00.

Jardine Matheson's interests include Jardine Pacific, Jardine Motors Group, Jardine Lloyd Thompson, Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage and Astra International. These companies are leaders in the fields of engineering and construction, transport services, insurance broking, property investment and development, motor trading, retailing, restaurants, luxury hotels, motor vehicles and related activities, financial services, heavy equipment, mining and agribusiness.

Straits Asia Resources (SAR SP; S$1.07) – BUY

• The stock tested the uptrend channel resistance but failed to breakout above it. It has since pullback to close to its 30-day SMA before rebounding higher.

• Indicators are just about to turn negative, suggesting that the stock is still in consolidation.

• Investors should buy on weakness, preferably near the 30-day SMA currently at S$0.94. Stop loss is at S$0.89 or below. The stock is likely to rebound to try to retest the S$1.19-1.20 resistance again soon.

Straits Asia Resources (SAR) is primarily engaged in thermal coal mining on Sebuku Island, South Kalimantan, Indonesia. SAR commenced operations at its Sebuku mine in 1997 and holds the rights from the Indonesian Government to mine for coal in its concession area until 2027. A substantial portion of Sebuku coal is exported, largely under long-term contracts, to power generation companies within Asia.

StraitsAsia - Ready to take profit?

StraitsAsia was called when greenline crossed yellowline. Very near the resistance at $0.9972.... Ready to take profit /sell.

Buy Golden Agri, Straits Asia - Sell Chartered

Golden Agri-Resources (GGR SP; S$0.30) – BUY

• The stock has broken out of its triangle pattern which is a positive sign. However, we still need confirmation before turning bullish. A rise above yesterday’s high of S$0.305 is the signal.

• Indicators are improving on the daily chart. MACD has just confirmed its golden cross while RSI also rises towards the upper band of the neutral zone.

• Once the S$0.305 is taken out, next resistance is at S$0.34 and S$0.38. Initial support is seen at its 30-day SMA at S$0.285 followed by S$0.27. Cut loss if prices fall below S$0.26.

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells crude palm oil and palm kernel. The Company also refines crude palm oil into cooking oil, margarine, and shortening for sale and distribution.

Straits Asia Resources (SAR SP; S$0.845) – BUY

• The stock may have bottomed out at S$0.56 in Nov-08 and is currently enjoying a short rally. However, it needs momentum to drive prices above the S$0.875 resistance trend line to instil more positives into the stock. Next upside target is at S$0.905.

• Technical landscape remains conducive. MACD is gaining momentum while RSI is neutral, suggesting more room to the upside.

• Investors looking for values may want to accumulate near its support at S$0.79. Cut loss if it breaks below S$0.74.

Straits Asia Resources Limited, through its subsidiary, mines for thermal coal on Sebuku Island.

Chartered Semiconductor (CSM SP; US$0.115) – SELL

• Still on its recovery path after broke down of its 30-day SMA. Although aggressive traders may see bargain hunting opportunities in it, we believe it is too early to conclude the selldown.

• It should at least close the S$0.125 gap before we would change our bearish view to a bullish one. Support is still weak at S$0.095 and S$0.07.

• However, indicators are showing improving trend. MACD is poised to stage a positive crossover while RSI is also rising. Upside is likely capped by its S$0.125 and S$0.15 resistances.

Chartered Semiconductor Manufacturing Limited provides comprehensive wafer fabrication services and technologies to semiconductor suppliers and manufacturers of electronic systems. The Company also produces digital logic, analog, and memory chips for applications as multimedia, communications, computing, and networking.

StraitsAsia more upside?

StraitsAsia = $0.87, Greenline cut yellowline... may have more upside

StraitsAsia trying hard the resistance

StraitsAsia is trying the resistance at $0.845 again this morning with strong volume. The breakout at $0.845 could be real.... Volume of 23mln half day is much higher than past 20D Average volume of 15mlm.

Chart for StraitsAsia

Commodities firm Noble Group and Indonesian coal miner PT Indika Energy Tbk are among the companies pursuing a bid for Straits Asia Resources , according to sources familiar with the matter, in a deal that could be worth more than $800 million. Bidders are setting their sights on the two Indonesian coal mines that the Singapore-listed company controls.

Australian miner Straits Resources Ltd , which owns 47.1percent of the company, said last December it was reviewing what to do with the stake after receiving approaches from buyers. Bids for the stake are due at the end of this month, said the sources, who declined to be identified because they were no authorised to speak publicly about the deal.

If a suitor goes for the entire 47.1 percent stake it will have to make a bid for the whole company under Singapore rules. The market capitalisation of Straits Asia Resources is S$900 million($597.2 million).