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Golden Agriculture: Contra at 68.5c.

Friday, June 17, 2011

Golden Agriculture saw 90,289 lots changed hands today with 15,147 lots done at 68.5c after market closed.

In my last blog post on Golden Agriculture, I identified 68.5c as the immediate resistance as provided by a confluence of the 20d, 50d and 100d MAs. So, I put in a sell order last night for those units which I bought at 66c yesterday. My sell order was filled, locking in a gross gain of 2.5c or 3.78% in one day. In uncertain times, I suppose it makes sense to lock in gains quickly and not tempt Fate, especially over the weekend.

If 68.5c could be overcome convincingly next week, the next significant resistance is at 70c. I might sell more of my shares in Golden Agriculture then.

Related post:
Golden Agriculture: Bought at 66c.


Wong said...

Hi AK71,
Congratulations! I missed the opportunity as I was too busy with work last Friday. Any plan for you to reenter at 66c again?

AK71 said...

Hi Wong,

Thank you. Would I go in at 66c again? I can't say for sure now. It would depend on the technicals at that point in time.

If, however, it should retest supports again very quickly without going higher first, I would be somewhat worried.

Wong said...

Hi AK71,
Looks like yr worries comes true.. GAR closed at 66.5c today. me actually wanted to long at this support, but judging from yr comment, GAR is bearish now?

AK71 said...

Hi Wong,

I will blog about this. :)

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