Tuesday, June 26, 2012

GoldenAgri (technical)

GoldenAgri technical appears to be on a Downward Trend still, with Stochastic trending down, although RSI is a tad neutral, with a slight hook up recently. Note however that ADX DI- has gone above DI+ recently, which is a sign of further downside. Fundamentally, however do note that CPO prices have recovered from their recent slump, on back of a widening discount with Soybean Oil prices in the US, and the upcoming Ramadan Period, which market watchers are tipping to provide stronger support/demand for CPO prices. Near-term, YTD low of $0.59 will provide support to prices, while resistance it at the 20 day EMA of $0.645

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