Golden Agri testing support

Good day all,

This is Golden Agri, E5H.SI, one of the hotly traded counters on our exchange. I have a huge, bullish pattern that I have been keeping on Golden Agri’s chart – an upward parallel channel. Over the last several weeks, Golden Agri has been testing the bottom of the channel many times. The bottom line of the channel coincides with the 50-week moving average and the 200-day MA. So basically, I see Golden Agri’s situation as the same as in my last post on E5H.SI: price is at a critical support area; as price is also trading at the bottom of an upward channel, any further sideways movement may render the pattern as broken. I like keeping with trends as long as I do not see reversal signals. So in this case, I will be looking for Golden Agri to start climbing up soon. Let’s see how this goes.

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