Golden Agriculture and Healthway Medical closed unchanged.

Golden Agriculture closed unchanged today on lower volume at 56c, forming a doji in the process. MFI has dipped below 50% which indicates a breakdown in positive buying momentum. If the malaise continues tomorrow, we might see the counter do a gap cover to 54.5c. This is very close to the rising 50dMA while the rising 20dMA is at 54c. If these supports break, strong support is provided by the rising 100dMA at 50.5c. Overall, the uptrend is intact and I would buy more on weakness.

Healthway Medical's EGM took place today to seek shareholders' approval on plans to expand in China. Shareholders' approval are also sought for the share placements to IFC and five substantial shareholders. Some were expecting this to give the counter a bit of a boost but that did not materialise today as the price hit 18.5c, the previous XR high before retreating to 17.5c, forming a graveston doji. Indeed, the bullish picture from yesterday did not follow through as the volume today was significantly reduced, suggesting a lack of strong buy ups.


As I mentioned in an earlier post, I've sold a third of my remaining investment in Healthway Medical at 17.5c and will sell more at 18.5c. Technically, if the counter does a pull back to 15.5c, which is where we find the rising 20d and 50d MAs, that might be a good entry price as the trend is still up.


This counter has run up from a recent low of 13.5c on 11 Feb to the high of 18.5c today. MFI shows how it went from being oversold to overbought in the same period. We should not be disappointed if it decides to take a break.