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Golden Agriculture: Black spinning top.

Monday, April 11, 2011

Golden Agriculture started the day bullishly enough but ended the day at 72.5c after touching immediate support at 72c. A black spinning top was formed, suggesting market indecision. This could be a reversal signal as indecision in an uptrend is not good news for bulls.


Support is currently provided by the flat 100dMA. With the momentum oscillators in their overbought territories, a pull back is not unlikely. Breaking support at 72c could bring out the sellers. However, the steeper uptrend which started on 15 March would still be intact if its trendline support holds up and this would be at 70c or so in the next two sessions. If this were to fail, the next supports are at 68.5c (50dMA) and 66c (200dMA).


Related post:
Golden Agriculture: Overcame resistance at 72c.

4 comments:

WK said...

what yer think about HL Asia?

AK71 said...

Hi WK,

Very strong resistance at $2.92 (100dMA). Seems like it is having a hard time clearing this one.

Near term support provided by rising 20dMA at $2.76. Good luck. ;)

ortho said...

Hi AK,
Are you looking to accumulate at 66c (or lower)?

AK71 said...

Hi ortho,

I am blogging about Golden Agriculture tonight. Look out for it. ;)

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