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Golden Agriculture: Triangle.

Wednesday, September 8, 2010

Accumulation of shares in Golden Agriculture seems to have come to a halt as the OBV flattens. Over a shorter term, momentum oscillators are still rising but this could change quickly.  The MACD histogram has turned red and volume shrank dramatically today as price action formed a doji, suggesting indecision.


The technicals are somewhat ambivalent at this stage.  Up or down?  The probability seems to be quite even either way.  If we look at the bigger picture, we would understand why.  It seems that price action is forming a large symmetrical triangle. Volume has also been declining.  Which way would its price go?  Being in a symmetrical triangle, price could go either way.

Personally, I am vested in Golden Agriculture because I believe in its fundamentals.  CPO price is up again today at RM2,674. This is an increase of 1.75%.  However, for anyone who is in doubt and feeling unsure, staying out is the best thing to do.

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