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Golden Agriculture: Inverted black hammer.

Sunday, August 22, 2010

On 16 Aug, I mentioned: "Any further weakness should see strong support at 55.5c as provided by the 100dMA." Price closed at 55.5c in the last session. This is also where we find the rising 50dMA which seems set to form a golden cross with the 100dMA soon. The volume, although rising, is relatively low.


The declining MACD does suggest some price weakness and the 20dMA has completed its turn downwards.  The MFI, although showing longer term strength, might continue to decline in the near term if price weakens to test the 200dMA as support and if volume increases on such a move. This next support is at 54c. 

Despite the recent weakness in price, OBV does not show a major downswing, suggesting that distribution is weak. Thus, I would continue to accumulate on weakness.

Related post:
Golden Agriculture: Chinese demand on the rise.

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