Golden Agri 270209

Golden Agri formed a double top on 7 jan and 9 feb. I'll put the neckline support for this double top at 0.295 (pink ...), which means the baseline support for the double top is at around (red --).

Golden Agri has been trading sideways since mid feb and has also tested the 0.275 support (green ...) thrice.

As you can see from the chart, the longterm downtrend resistance (upp red) meets the uptrend support (low blue) at the 0.280 level sometime next week. So we might expect some action for Golden Agri early next week.

If this support breaks, I feel we might see Golden Agri revisiting 0.260, which is the 15 jan low.


For monday :

Support @ 0.285 (upp red, green --), 0.278 (low blue), 0.275 (green ...), 0.255 (low red, red --)
Resistance @ 0.285 (upp red, green --), 0.293 (mid blue), 0.295 (pink ...), 0.305 (pink --), 0.307 (upp blue)