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Golden Agriculture: Trading Buy by OSK.

Tuesday, September 14, 2010

On 8 Sep 10, I mentioned that "I am vested in Golden Agriculture because I believe in its fundamentals." So, even if the technicals were somewhat directionless, I was willing to take the risk going long. Today, OSK upgraded Golden Agriculture's target price to 68c. Fundamentally, I think that is a fair price.  However, how does the technical picture look?

Today, its share price hit a high of 60.5c before closing at 59c, forming an inverted black hammer in the process. That this happened on much higher volume than the previous session is not promising.  On a brighter note, it does mean that price action broke out of the triangle suggested on 8 Sep 10 on the upside.  Could this be sustained?  I don't know about 68c but I spot a major resistance at 62c. This has been tested many times and price has closed above this level only once this year and that was on 11 Jan 10.  Many people who bought at 62c are probably waiting to break even at that price. Hence, the expected resistance.  So, if price does test 62c again, I would sell some.  In case of a further decline in price, I see immediate support at 58c.

I am not able to comment on the momentum oscillators or OBV this evening and I am afraid I do not have a chart to put up as, for some reason, my broker's version of ChartNexus has not been updated yet.


Related post:
Golden Agriculture: Triangle.

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