Golden Agri in busted symmetrical triangle?

Evening traders/investors,

Up till now, things still look uncertain for the equities market. My take on the whole situation now is that a quick recovery will be coming. Sadly, every rally we get meets with downside the next trading day. I cannot say much for today since charts still look the same as 3/4 days ago. I have spotted an interesting chart for observation purposes.

Some time ago, Golden Agri broke out of a symmetrical triangle towards the upside. My last post on Golden Agri covered that. Unfortunately, Golden Agri was not spared from the sell-off. Now, I will consider Golden Agri as trading out of a busted symmetrical triangle. Basically, instead of upside, I now take the height of the triangle and project it downwards. The target for Golden Agri now will be 56.5 cents.

If you look at the bigger picture, you will see that Golden Agri is in a very long, steady uptrend. I am a big believer of following trends; however, since a chart pattern pops up, I have no choice but to give significance to this busted triangle pattern. Let us see how things go.

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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