Golden Agri 090409

Golden Agri broke the 0.310 (red ...) and 0.320 (green ...) resistances today, although with volume that was just a third more than yesterday's. Golden Agri is still trading within the uptrend channel (blue).

Golden Agri has been on the uptrend since the beginning of march, so we might see some profit taking next week. This could mean Golden Agri trading sideways between the 0.310 support (red ...) and 0.320 neckline (green ...).

We could also see Golden Agri consolidating around the 0.315 level as the uptrend support (mid blue) meets the long term downtrend resistance (upp red) sometime next week.


For monday :

Support @ 0.322 (upp red), 0.320 (green ...), 0.315, 0.310 (mid blue, red ...), 0.305 (red --), 0.302 (low red)
Resistance @ 0.330 (pink --), 0.335 (upp blue), 0.340 (blue --)

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)