They chose financial independence over home ownership.

This is somewhat extreme but watch how this Canadian couple chose financial independence over home ownership.  They are in their 30s and,...

Past blog posts now load week by week. The old style created a problem for some as the system would load 50 blog posts each time. Hope the new style is better. Search archives in box below.


"E-book" by AK

Second "e-book".

Another free "e-book".

Pageviews since Dec'09


Recent Comments

ASSI's Guest bloggers

Golden Agriculture: Critical support at 67.5c.

Friday, June 10, 2011

Regular readers might remember that I was queueing to buy some shares of Golden Agriculture at 67.5c, having divested most of my long position not too long ago. The reason was because 67.5c was support in an uptrend which started on 6 May 2011.

Did I say "was"? Yes, I did. The uptrend which started on 6 May 2011 has been broken as price closed below the trendline support in the last two sessions.

As the ADX suggests a lack of trend, I look to the Stochastics for clues and it has been in decline. Indeed, it could decline further as volume reduced with price unable to close higher.  Price could continue to weaken. It might look like a low volume pull back but it is not pulling back to support but a break in support.

It would be better to err on the side of caution and seek guidance from the gentler uptrend which started on 23 Feb 2011. Using Fibo lines to complement this, we see supports at 66c (138.2% Fibo) and 65.5 (150%) if 67.5c should give way.

We could see the Stochastics dipping into oversold territory just like it did earlier this year in February and late April. It would be more timely to add or initiate long positions then.


Wong said...

Hi AK71
Will u be stil accumulating NOL, Golden, CMA at present moment? :D

AK71 said...

Hi Wong,

Not unless the technicals are more persuasive. I will wait and see. ;)

Anonymous said...

Can I have yr analysis on golden agri? Thanks

Wong said...

Hi AK71
GAR remains strong in this bear market, would you be entering long for this counter agaiN?

AK71 said...

Hi Anonymous and Wong,

I just showered. Been another long day. Incidentally, my buy queue for Golden Agriculture was filled today. I will blog about it. :)

Monthly Popular Posts

Bloggy Award