Singapore's Golden Agri-Resources hits more than 2-1/2 yr low; technicals suggests further downside

Golden Agri-Resources

23/05/2018 05:43

** Shares of Golden Agri-Resources Ltd  GAGR.SI  fall as
much as 7.69 pct to S$0.30, their lowest since Sep 29, 2015
    ** The Singapore-listed palm oil company's stock breaks
below a support at S$0.32, the 23.6 pct Fibonacci projection
level of the downtrend from Dec 30, 2010 high to Aug 25, 2015
low https://reut.rs/2KKxCxI
    ** This suggests stock may fall up to the next support at
S$0.24, the 38.2 pct projection level
    ** Trend Intensity (TI) indicator at 20, suggests stock is
in a downtrend
    ** MACD is also negative and below its signal line
    ** In the last one month, two more analysts downgraded the
stock to "sell" or lower, and currently eight of 13 analysts
have "sell" or lower ratings on the stock, four have "hold" and
one has a "buy" rating- Thomson Reuters Eikon data
    ** Stock is down 12.16 pct this year as of Tuesday's close,
while the broader index  .STI  is up 4.12 pct in the same period
         

 (Reporting by Gaurav Dogra; Editing by Sunil Nair)
 ((gaurav.dogra@thomsonreuters.com;))