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Golden Agriculture: Downtrend is intact.

Tuesday, June 1, 2010

I have a very small long position left in Golden Agriculture, having divested half of my remaining investment at 55.5c in mid May as the counter formed a lower high in the current downtrend which started in late April. It has continued to form lower lows and lower highs since.




The immediate resistance seems to be 50.5c now while breaking the low of 24 May would have a downside target of 44.5c as suggested by Fibo lines which coincides with gap support formed on 9 Nov 09.  That is some way to fall.

I am definitely not in a hurry to add to my long position at this point in time.

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