Golden Agriculture: CPO price rose again and Golden Agriculture's share price broke resistance provided by the 20dMA at 58c. MFI registered another higher low. OBV shows a pick up in accumulation. RSI bounced off 50% as support. All signs point towards optimism of market participants. Price could possibly retest 60c resistance in the next session.
Wilmar: The market does not like the news. Wilmar's downtrend which started on 12 Jan 10 is intact. However, connecting the lows of 21 May and 29 Jun gives us an uptrend support which approximates the rising 50dMA. So, time to buy Wilmar? The MFI has formed a lower high and the uptrend support has been broken. Demand has clearly plunged. $6.05 is the immediate support to watch. For any brave soul who is thinking of a punt, buying close to $6.05 if the support holds is probably the strategy to adopt.
Wilmar unit to pay $80.36m for 20% stake in Kencana Agri
Friday, 13 August 2010
Friday, 13 August 2010
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