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Golden Agriculture: 56c support.

Thursday, September 30, 2010

Golden Agriculture seems to have found support at 56c. As the falling MACD made contact with zero, the histogram turned green: a buy signal.  Today's white candle is on the back of relatively low volume and that to me is not convincing of a recovery. However, this does not mean that price could not enjoy a respite and rebound.  If a rebound takes place, it would confirm the buy signal on the MACD histogram but could meet with immediate resistance at 57.5c.

Well, 56c is only one bid shy of 55.5c which is where we find the rising 200dMA which coincides with the uptrend support line.  This is, therefore, likely to be a rather strong support.  So, buying at 56c for anyone who would like to have a stake in Golden Agriculture seems fairly safe.  Personally, I am waiting for the dust to settle.

Related post:
Golden Agriculture: Breaking support.

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