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"E-book" by AK

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Golden Agriculture: Pulling back.

Monday, December 20, 2010

In various recent blog posts, I mentioned that the negative divergence between indicators and the price movement of Golden Agriculture is too glaring to be ignored. The charts show clearly rising price against a backdrop of declining volume, MACD, MFI and RSI.

Of course, the MACD is declining in positive territory and the weakness in price could be a chance to accumulate at support. I see support provided by the rising 50dMA which approximates 72c. This is followed by 70c.

Related post:
Golden Agriculture: Waiting for a pullback.


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