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.

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

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