Moving average has been my favourite technical analysis method. It works extremely well as support and resistance. I did a scan on Singapore stock market and my today stock market picks is Golden Agri.
Why do I pick Golden Agri? Let’s take a look at the stock chart.
Golden Agri has been correcting downwards since its high 2-3 weeks ago. It is now sitting nicely on the 200d MA plus a white candle was formed today. Volume is picking up, that shows an increase interest in this counter.
RSI near the oversold region and it starts to point upwards, this is another indicator of a possible beginning of an uptrend.
Golden Agri offers a good risk reward with target back to previous high of 1.10. It is a must monitor counter tomorrow. I will be look at the volume and closing price, if it forms another white candle with high volume, it will be an excellent moment to open a Long position.
Just a reminder, not matter how high the probability is, do not forget to put a stop loss to protect ourselves.
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
