Evening all,
I have a chart of Golden Agri – E5H.SI – for today.
For more than two years, Golden Agri traded in a range of 60 cents and 78 cents. The last time I had eyes on Golden Agri, it was hovering above the bottom of this range, and other technical events prompted me to look for a rebound. Fast forward to today, and Golden Agri is trading in the 56 cents region.
Strictly-speaking, Golden Agri has traded out of the range towards the downside. This is a clear-cut bearish signal. The major low is pegged at 55 cents, which was where E5H.SI traded at back in the horrid third-quarter of 2011. It is very clear to all in the trading community that this high-volume stock is tanking. For trading set-ups, I am looking at a longer time frame, and more of a trend trade; so there will be patience in entry for a short.
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