I spotted a classic chart today and that is Golden Agri. This counter has been trending upwards very well along with Wilmar and IndoAgri for the past one or two months. We can see in late Oct, it broke out of it's channel resistance and this resistance trendline turn support subsequently. It broke this support trendline 3 closings ago and today it tested this trendline as this trendline changes from support to resistance. U can see how this counter tested the trendline by forming a 'wick' on the candlestick and that's what i call as the kiss of death. Furthermore, the volume was very light today. So technically speaking, this counter is likely to head south.
Golden Agri:
For indices-wise, everything is going as i expected. Currently there is no retracements and it has been closing flat for the past few closings. We should see some movement soon.
Tuesday, December 4, 2007
Kiss of death for Golden Agri
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