Figure 1: AGI Price Chart
I don't like the current chart of AGI right now. There was a bearish divergence as price was not able to penetrate its resistance around 12.22. I am expecting P11.18 to hold though. Price bounce up from the 50 day moving average and there is a gap which needs to be filled. Last Fridays candlestick was a "High Wave" candlestick pattern, this is a consolidation pattern which indicates that traders are not sure where the stock will be heading. My take is to range trade this stock for now. Buy at key support and sell on key resistance area. For mid to long term traders, we will add to our shares every time price touches key support area located along 38.2%, 50%, or 61.8% Fibonacci lines.
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