Golden Agri: CIMB has Technical Sell Call. Note that Prices rebounded to retest the resistance band of $0.685-0.715 following its breakdown in early Aug. The moving averages also proved to be a hindrance to the bulls in the near term.
At the moment, the indicators have turned down again following its test of their respective resistances. Believe that prices are more likely to head lower from here soon. As the long term trend has changed for the negative, would prefer to unload on any rebounds towards the resistance levels. Prices are likely to test the support levels at $0.61 and $0.565.
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