Golden Agri: CIMB has Technical Sell call. Note that prices are forming a small bearish wedge pattern as prices continue to nudge higher towards its key channel resistance at $0.81-0.82. The wedge resistance is at $0.80….
Highlight clear signs of a slowdown in buying momentum, and would advise against buying right now. The failure of its RSI to even reach the overbought levels suggests that the bulls are probably on its last tank. Yesterday’s long black candle suggests that prices are ready to move lower. A break below $0.77 would likely confirm that prices are heading lower to close the $0.71-0.72 gap, followed by $0.67. This view is premised on the $0.82 resistance remains intact.