AGI is consolidating in a range-bound price action with a historically strong support around 12.20 (the previous resistance and price congestion area during 2011 consolidation). Immediate resistance is around 13 where three previous short rallies were rejected.
*Gap to fill between 13.90~13.96.
*Major resistance area is around 13.90~14.00 (a potential level to take profit).
Trading Plan
- Range trade the consolidation (buy the support, sell or scale down near the resistance. Set stop-loss a few points below support, maintaining at least 1:2 risk/reward ratio.
- Also, a potential medium term position trade as downside risk is relatively minimal (still consider a stop-loss to manage risk).
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