Golden Agri is gaining momentum and head higher to cross over 36 cents with ease and close at 37 cents today . Volume was very high . This is generally very positive.
The current price of 37 cents is staying above both 14SMA & 25SMA lines which may provide further support for the share price to head higher.
Also both MACD & RSI are showing sign of a positive divergence that may provide further indication to drive the share price higher.
Crude oil steadied near $31 per barrel on Tuesday - 12th January 2016, recovering slightly as investors booked profits after it fell to a near 12-year low on concerns about oversupply and fragile demand from China. Many analyst are projecting that oil price may head lower towards $20 per barrel .
On the other hand, palm oil counter such as Golden Agri is trending against the odd with the share price steadily heading higher as reflected on the chart.
From Technical Analysis point of view, it is on a short term uptrend mode.
Short term wise it may continue to head higher towards 41.5 cents with extension to 45 cents then 50 cents.
If price dropped below $33 cents then perhaps this short term uptrend mode may not follow-through.
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