On Thursday, Golden Agri rebounded off the support at $0.555 and closed at $0.57 with non-existence volume of 25.4 million shares traded.
A candle stick with long upper shadow indicates that the momentum of rally has subsided with investors no longer have any interest in this counter.
Both RSI & MACD are going flat as MACD line began to converse together.
Important Resistance of Golden Agri: $0.58
Immediate Support of Golden Agri: $0.555
Currently the prices are supported by the technical/ 20/100 days MA at $0.555.
Although Golden Agri continue to trend upwards using the rising trend line as the support but we would not advise to enter unless the gap resistance at $0.58 can be broken at high resistance.
On the other hand, do consider to take profit once the support at $0.555 is breached.
On Thursday, IndoAgri rebounded off the support at $2.28 and closed at $2.35 with low volume of 25.4 million shares traded.
A big candle sticks with short upper shadow display that investors are willing to bring the prices up but interest remains low.
RSI & MACD are bullish as both indicators continue to trend upwards.
Important Resistance of IndoAgri: $2.46
Immediate Support of IndoAgri: $2.28
Prices are now above 20/50/100/200 days MA and going into consolidation stage.
We would not think too much of today’s IndoAgri long white candle sticks since the volume is relatively low.
If interested, we would advise to buy near the 100 days MA which has been supporting the prices well since Mar 2009.
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