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Golden Agriculture: Doing a flip flop.

Friday, February 5, 2010

When Golden Agriculture confirmed the 52c support yesterday, I said that "I would have liked to see the volume expanding more convincingly as well as to see a more enthusiastic candlestick instead of a doji. The confirmation, to me, at least, looks just a tad unconvincing." 

Today, 52c has become resistance again.  This needs confirmation next week.  Since I talked about volume yesterday, what about today's volume?  It's only a tad more than yesterday's.  So, the sell down is unconvincing either.  This is beginning to look like a narrow rangebound trading pattern with neither bulls nor bears gaining the upper hand.  The crucial support level at 50c was retested today and held firm.



Strategy:  I have already added to my position at support.  Longer term uptrend is intact.

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