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Golden Agriculture: Unable to break out.

Thursday, September 23, 2010

Golden Agriculture was unable to breakout of resistance at 60c which was presented by the resistance line of the symmetrical triangle identified some time ago. On 20 Sep, I mentioned that "the MFI and RSI are both bordering on overbought and OBV is flat. Technically, the picture is not strong."  Today, price closed at 57.5c which is the immediate support provided by the rising 50dMA and it is also a many times tested support.

What is consoling is that the decline is on the back of lower volume.  However, if 57.5c should give way, I expect the next support at 55c which is provided by the merged 100d and 200d MAs and the support line of the symmetrical triangle. The MACD has completed a bearish crossover with the signal line and price could move lower.

With the latest bad press that the Roundtable on Sustainable Palm Oil (RSPO), an industry body of planters, green groups and consumers, had written to Smart and Golden Agri censuring the firms for the breaches uncovered by an audit, the share price of Golden Agri could face downward pressure and a retest of support at 55c is probable.

Related post:
Golden Agriculture: Which way would it go?


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