AFCAGRO

The AFCAGRO  resumed the bullish wave. Approaching The main resistance area, starting at 75.50. Accordingly, we prefer to remain on the sidelines.

AFCAGRO Forecast for tomorrow :  We remain neutral awaiting a new signal

Why I prefer to stay sidelines : 

AFCAGRO  has been trending strongly higher over the past weeks. however, the price is extensively overbought in the short term and has landed at major prior swing high and potential resistance level. Shown on chart . More clear in Ami Broker 

Having that resistance in mind . The price has almost reached the top of the projected rising channel. In addition to the 1.272 extension for  the latest major bearish wave. RSI is showing overbought

Reasoning in for remain neutral :

• Short term trend is bullish.
• Retesting main resistance.
• Mid term channel ceiling.
• Stochastic not showing overbought
• 1.272 extension level.

A breakout above that resistance more precisely the top of this resistance region at 76.30 may also signal good long setups towards 81 that is 1.618 extension for the  latest major bearish wave

If it fails, and price breaks lower I would look for a short. I like to see materialize my second choice  ___ ALLAH vorosa