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Golden Agriculture: Breaking out.

Wednesday, September 1, 2010

Yesterday, I mentioned Golden Agriculture's "next resistance is at 57c. This is where we find the declining 20dMA and the downtrend line." Today, it broke this resistance level in a most convincing manner as volume expanded significantly.  Price touched a high of 58.5c before closing at 58c.

58.5c is a many times tested resistance level and one wonders if this could be taken out as we eye 62c, the longer term resistance which I said could possibly be tested.

Technically, chances are good with both the MFI and RSI rising strongly. Being at around 50%, they are nowhere near overbought and they could go much higher.  The OBV shows accumulation.  The MACD seems ready for a bullish crossover.  Most importantly, volume is the fuel that drives rallies and this has been increasing nicely.  Let us see if this continues to be the case.

Related post:
Golden Agriculture: Moving higher?


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