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Golden Agriculture: Downtrend broken.

Monday, August 2, 2010

With the white candle formed today, closing at 60c, the downtrend which started on 11 January is effectively broken.




The buy signal on the MACD histogram spotted in the last session has been confirmed. Momentum oscillators are still rising, forming higher lows which is good news for bulls. Although volume expanded today, a case could be made that we are seeing a negative divergence with price.  Just keep this thought handy.

If the positive momentum keeps up, we could see the next resistance at 62.5c tested.  Immediate support is provided by the flat 100dMA at 55.5c. Uptrend support coincides with the rising 200dMA.

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