For much of the day, it seemed as if Golden Agriculture would not be able to breach the 57c resistance level even though it gapped up, starting the day at 54.5c. Late day buying pushed the counter past 57c on high volume. Closing at 57.5c today with such strong white candlesticks and two gap ups in the two previous sessions is a bullish sign. MFI shows strong buying momentum but it has moved higher into overbought territory. OBV shows continuing accumulation. The eventual target is still at 62c and there are many minor resistance levels along the way. However, as is my usual style, I've hedged by selling 20% of my remaining position at 57c.
The price of crude palm oil (CPO) is probably supported by the bullish attitude the market has towards crude oil as oil futures have climbed for nine straight sessions, rallying about 12% so far. CPO is up RM20 to close at RM2,702 today. I continue to believe that a test of the previous high of RM2,790 will happen in the near future. Golden Agriculture will be a major beneficiary of higher CPO price.
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