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Monday, January 4, 2010

Golden Agriculture: slow and steady?

Golden agriculture closed above the declining 100wMA today on low volume. This being the weekly chart, we have to see if it stays above the 100wMA at the end of the week.

Even though there is a negative divergence between price and volume, I see limited downside with all the MAs rising and within close proximity of each other on the daily chart. However, without a surge in buying momentum or some positive catalyst, this counter might end up moving sideways for a while.

The FA for crude palm oil (CPO) and for Golden Agriculture remains positive. Patience will be rewarded.



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2 comments:

  1. AnonymousJanuary 5, 2010 at 10:51 AM

    looks like u didn't have to wait too long.
    53.5 as of now =D

    K

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  2. AK71January 5, 2010 at 4:05 PM

    Closing above the 100wMA resistance at 51c cleared the way for it to move higher. It just needed some buying momentum. It did a nice gap up today and is now met with resistance at 54c. This is a short term resistance provided by the 123.6% Fibo line.

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