On Friday, Singtel re-test the support at $2.99 and closed at $3 with LOW volume of 13.3 million shares traded.
A black candle sticks with long upper/lower shadow similar to Doji indicates that the selling momentum has been reduced as it approaches the $2.99 support.
Both RSI & MACD are turning bullish as MACD about to perform a “golden cross”
Important Resistance of Singtel: $3.05
Immediate Support of Singtel: $2.99
Currently prices are resisted by the 20 / 50 days MA.
As we have mentioned in our previous report, we suspect that the critical resistance at $3.08 will be very strong for Singtel.
In fact, the prices already had issues with breaking the minor resistance at $3.05.
If vested, we would suggest looking out for the support at $2.99.
All the recent gains will be erased once support at $2.99 breached and could create another round of selling.
On Friday, Golden Agri broke its major support at $0.54 and closed at $0.535 with LOW volume of 42.5 million shares traded.
A black candle sticks with no upper/lower shadow affirms to the determination of the investors in selling this stock.
RSI & MACD are bearish as both indicators trend downwards.
Important Resistance of Golden Agri: $0.54
Immediate Support of Golden Agri: $0.525
Currently prices are well below the 20 / 50/100/200 days MA.
Golden Agri display a bearish signal on Friday. See reasons below:
1) It broke the rising trend line that was established since May 2010
2) It cross down the psychological support 200 days MA
3) It cross down the major technical support at $0.54
4) It cross down the Fibonacci support 61.8%
5) It performs all the above action at increased volume compared to recent sessions.
The next immediate support would be technical/ Fibonacci support 78.6% at $0.525.
We would hope to see if Golden Agri could recover above $0.54 resistance before entry otherwise just watch if the support at $0.525 can hold.
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