Tuesday, October 23, 2012
Golden Agri (technical)
Golden Agri: UOBK Technicals notes that the stock has been consolidating. Currently it has formed a "tweezer bottom" near $0.62, and prices have moved above its middle Bollinger band while trading between $0.625 and $0.645. Volume is relatively low and this provides a scope for a break above the trend line resistance near $0.65, especially since its MACD has reversed. The house recommends accumulating the stock at $0.625-0.645; adds a break above $0.65 could see the stock rising towards 50%FR at about $0.70. Stops could be placed at below $0.615.