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Golden Agriculture: An inverted cross.

Friday, May 14, 2010

A doji that looks like an inverted cross. Not good.  Well, it's not because it invites the devil in but it suggests that price tried to push higher but ended up in failure at the end of the day.

Fundamentally, CPO price declined again today and, thus, continues the downtrend. This is probably one reason why Golden Agriculture's share price is lacklustre.

MFI has formed a slightly higher high. It remains to be seen if it would form a higher low. MACD and OBV are both flat. Volume is much lower.  All these suggest a lack of interest from market participants.  If this continues, chances are greater that the price would drift slowly lower.

55.5c remains the resistance level to watch for now. This was the price at which I divested some of my remaining investment in the company recently on 10 May, observing that the uptrend has been compromised.


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