Ezion – Trading in a Down Trend Channel

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Ezion is currently trading in a Down Trend Channel. The stock is forming a “Lower High, Lower Low” chart pattern.

Downside risk is higher because Ezion will be facing a few resistances between $0.67 to $0.75:

  • 50D MA
  • 78.6% Fibonacci Retracement Level
  • 200D MA
  • Down Trend Channel Resistance

If the Down Trend Channel pattern is still valid, Ezion will probably go below $0.573 in the next few months.

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GoldenAgri – Price Volume Divergence

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Current GoldenAgri chart suggests that a deeper correction may take place if the 200D MA support is broken.

A few bearish indicators shown in the chart:

  1. Price Volume Divergence. Although the stock price is rising but the volume is dropping, indicates the uptrend is not sustainable.
  2. Golden Agri is facing 50D MA resistance after the recent run up in the stock price. This 50D MA resistance is also a 78.6% Fibonacci Retracement Level. RSI & Stochastic are turning down to support a probable bounce down scenario.
  3. Golden Agri up trend support has been broken.

If the 200D MA support is broken, the next important support is at $0.458 (61.8% Fibonacci Retracement Level).

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