Thursday, December 10, 2015

Golden Agri: Breakdown of multiple support it a sign for more downside?

At 0.325 now, can we expect more bearish movement?

Sent: Wednesday, December 9, 2015 9:10 AM
Subject: ********** Golden Agri: Testing temp support at 0.34, looks weak again, CFD SELL.... price 0.335  

Golden Agri has maintained above the 0.34 support level for about a week and today we are seeing some throw down again on the buyer on strong volume. New recent low see at 0.335 now. Indicators still looking weak with short term downtrend intact with it trading below the 0.35 resistance now. MACD at negative territory where we can still expect more selling towards the 0.300 psychological support level. CFD sell. Let's see it 0.33 holds today…

Sent: Monday, November 30, 2015 9:29 AM
Subject: *********** Golden Agri: Breakdown of support at 0.35, more weakness below, CFD SELL.... price 0.345

From previous SELL call, we have indeed seen a breakdown again today after some slight consolidation. As mentioned, may see a target to 0.33 then 0.30 with resistance capped at 0.35 for now. MACD has turned negatively below the zero mark which can see more selling momentum as long as 0.35 holds as resistance.

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