Golden Agri is still hovering in the consolidated/neutral range and may likely do another attempt to move up to re-test the recent high of 45 cents.
The main driver that help to boost the share price I think could be due to the higher cpo price that is projected to rise towards MYR3300. As of last Tue I think the cpo price is MYR3163 ( 3rd Jan 2017) which is a good sign that Agri may see a much better revenue & net profit to be reported for the 4th quarter result and perhaps for the next 2 subsequent quarter.
Golden Agri - 23rd Dec 2016
Merry Christmas to all!
Golden Agri looks like it may move up to attempt 45 cents again. From the chart we can notice that it had already tested 45 cents on 4 occasion. This is quite significance.
Currently, it is rested at the support level of 42/42.5 cents.
With cpo price estimate to rise higher towards MYR 3300 , I think this may likely benefit the palm oil related counter. The next coming 4 qtr result may post better and higher revenue/net profit.
Hopefully, this may accompany with higher dividend paying out for Final dividend announcement.
The past few days from my observation, there were people accumulating at 42.5 to 44 cents.
I think Golden Agri may have another leg of moving up to attempt 45 cents .
Look out for any confirmation signal if it is able to cross over 44/44.5 cents with good volume that may propel to drive the share price higher to test 45 cents again.
Breaking out of 45 cents with good volume that may drive the share price higher towards 46.5/47 cents with extension to 50 cents.
( trade base on your own decision)
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