Golden Agriculture returns to test support at $0.68 after breaking out from the Symmetrical Triangle. If this support is strong enough, GAR will be on the way to meet the breakout price target of $0.825.
See Previous Golden Agriculture post here.
GoldenAgri has formed a consolidating Symmetrical Triangle for a few months. The stock will probably be breaking out pretty soon. At this moment, there is no clear direction where GoldenAgri is heading because the stock price is trading close to 20D, 50D, 100D and 200D MA.
Expect very volatile price movement when breaking out as many traders are able to spot this symmetrical triangle chart pattern to short or long the stock.
GoldenAgri rebounded from the uptrend channel support and getting bullish. Currently GAR has cleared all the 3 Moving Averages and MACD is also showing bullish strength. Resistance is at the channel resistance of about $0.75.
Previous analysis on Golden Agriculture.