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Golden Agriculture: Testing 200dMA support.

Thursday, May 20, 2010

I sold half of my remaining position at 55.5c resistance on 10 May and hoped that the upward momentum could be sustained to hit 58c where I would sell my remaining shares but that did not happen.



Today, its price broke the 200dMA briefly to touch a low of 50.5c but closed at 52c.  This might be due to a little bounce in CPO's price today to close at RM2,470, up RM35 or 1.44%.  Clearly, the downtrends for both Golden Agriculture and CPO are intact.

If the price closes below the 200dMA, the near term supports are at 48c and 46c as suggested by the candlesticks.

Related post:
Golden Agriculture: An inverted cross.

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