GoldenAgri – Price Volume Divergence

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).

This Post Has One Comment

  1. Marubozu

    Golden Agri is unable to break 50D MA resistance and bounced down. Currently testing 200D MA.

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