Golden Agri-Resources (59 cents) - Momentum could fade
Publish date: Mon, 07 Apr 2014, 05:10 PM
Although this counter looks relatively resilient on the daily chart, the longer-term weekly chart indicates weakness. In fact, prices are in a long-term declining trend and look set to lose relative strength against the sector.
In the short term, prices could be boosted by an upturn in 5-day stochastics and 21-day RSI, which has moved above its equilibrium line. Resistance appears at the twice-tested 61-cent level. Further out, prices are likely to underperform the plantation sector, as quarterly momentum has turned down and annual momentum is drifting lower. The breakdown level is at 56 cents.
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Revier Thomas
Post removed.Why?
2014-04-08 16:00