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Golden Agriculture: A picture says a thousand words.

Sunday, May 8, 2011

A picture says a thousand words and that is really the appeal of technical analysis. This is, of course, if we are able to interpret the picture and sort out the signs.

I keep saying that the long term uptrend of Golden Agriculture is intact. Well, it is still intact. Take a look at the weekly chart here, starting from the week of 27 Oct 2008:


The counter's share price is retesting the long term trendline support which coincides with the rising 50wMA. Since the week of 17 Jan 2011, trading volume has declined. The black candles formed in the last three weeks have relatively short bodies, suggesting a tight range of prices.

The spring is coiling up and tension is building. Immediate upside target is 70.5c while a failure of the trendline support could see price going down to 57c which is where we find the rising 100wMA.

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