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Golden Agriculture: Resistance remains at 55c.

Friday, June 18, 2010

55c is still the resistance to watch.  Volume is drying up as price might have peaked for now. We see a negative divergence between price and volume. Immediate support is at 51.5c, as provided by the gently rising 200dMA. 

The declining 50dMA seems set to form a dead cross with the flat 100dMA in the next session. This might exert some bearish pressure on the share price. The MACD is rising but is still in negative territory and the recent recovery in price might turn out to be just a rebound. 

The MFI has declined but it remains to be seen if it could bounce off its own uptrend support.  If it could, it would suggest that positive buying momentum is still alive which provides hope for bulls here.

Personally, I would wait for a test of support at 51.5c if I really want to have a long position in this counter as its technicals are not particularly strong at the moment. With CPO price firmly in a downtrend, neither are its fundamentals.

Asian plantation stocks, including those in Singapore, lack catalysts to head higher over next 12 months as industry fundamentals not supportive, says Macquarie, according to Dow Jones.

Macquarie says CPO prices may face pressure given record soybean inventories (palm oil is substitute for soybean oil), narrow price discount between CPO and soy oil, increased CPO inventories due to seasonal recovery in production.


Dou said...

Golden Agri certainly is at resistance careful :P

By the way, i always wanted to add u into my blog roll but keep forgetting.

U interested? Anyway i add in yours first

Thank you

AK71 said...

Hi Dou,

I agree. The risk of having more downside activity is quite clear. Definitely not going long here.

A link exchange sounds like a great idea. I've added your blog. Thanks for the exchange. :)

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