Key supports breached. Golden Agri-Resources is likely to see further correction after violating its 2.5-year uptrend support recently; this was followed by a strong bearish break below its $0.60 key support on heavy volume over the past two sessions.
Indicator is bearish. The MACD is still falling persistently, suggesting that the downside momentum is remains intact.
Next key support at $0.55. The counter could possibly slip further towards the next key base at $0.55 (resistance-turned-support) for a test in the days ahead.
Immediate resistance at $0.60. Meanwhile, $0.60 is now the newly established support-turned-resistance.
Note: We currently have a fundamental HOLD rating on Golden Agri with $0.63 fair value.
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