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In a previous post on 10 Feb, I said, "That its correction is at an end is quite evident as it has emerged from its recent steep downtrend resistance. It is consolidating and signs are that price might be getting ready for a move upwards. Initial resistance is provided by the 50dMA and 20dMA at 52c and 53c respectively. In an upward move, these resistance are likely to be swept away. More meaningful resistance are at 55c and 59c."
Please see: Golden Agriculture: Reversal at hand?
Today, price action formed a strong white candle to close at 54c. This happened on the back of expanded volume which promises more upside in the next session. The MACD has made contact with the signal line and a bullish crossover is inevitable. MFI continues to turn up and approaches 50%.
The first meaningful resistance at 55c has a high chance of being tested in the next session. 59c is a realistic target in the event that price continues to move up which seems likely enough. I have a strong vested interest in this counter and I am hoping for the best.
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