As forecasted, with the general political instability and rising oil prices, most Singapore stocks suffered a rapid correction since Jan 2010. Golden Agri also suffered reversal from the peak of $0.83 all the way piercing through several MA support lines and reach a bottom support of $0.61. A visible bullish engulfing candlestick formation was formed and the prices have recovered from its low. Next resistance will be at $0.73. With good last quarter financial results, the stock should trend upwards once the dust settle at Middle East.
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