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Golden Agriculture: Reversal confirmed.

Monday, March 29, 2010

Last Friday, I suggested that Golden Agriculture spotted a Bullish Harami Cross pattern.  OBV showed a cessation of distribution and a reversal to accumulation.




Price action formed an inverted white hammer today with OBV continuing its rise and the MFI upturning, suggesting a return of buying momentum.  The MACD also spots a buy signal today.  The support at 54.5c is confirmed and is underpinned by the 50dMA.  Immediate resistance at 56c.  In the event that this is taken out, next resistance is at 57.5c.  This is followed by 60c, the recent high. 

The rising 100dMA is at 52c and the rising 200dMA is at 47c.  The longer term uptrend is intact.  In the immediate term, we want to see the price closing above 55c to rejoin the uptrending channel to resume the short term uptrend.  A close above 56c would be a firm signal that the short term uptrend is back in play. Vested.

2 comments:

Pathfinder said...

Short term uptrend back in play it seems AK ;-) good call

AK71 said...

Hi Pathfinder,

Thanks. It is looking good. I will do an updated TA later this evening. :)

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