I'm intrigued with the potential I see in AGI. In the short-term, we see it is consolidating within a one peso range with support at 5 / 5.4 and resistance at 5.90 to 6.0. The fact that prices are consolidating in its upper range is encouraging for the bulls. Notice that for the two times that it hit 5 pesos, it did not linger in those levels long. It seems, AGI is met with buyers when it hits the 5 level. Taking a look at its weekly chart, I found that AGI, indeed, has significant support at 5 as this was its prior resistance. It tried to break above this level for four times. Only in the fourth attempt that it was successful. Seeing this, it is possible that AGI is just resting before continuing to trend up. Based on its range, a successful break above 5.9 or 6 may bring AGI to 7 pesos.
Recommendation: Buy if support holds
Recommendation: Buy if support holds
(AGI daily)
(AGI weekly)
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