Golden Agriculture: Waiting for support.

Having sold almost all of my investment in Golden Agriculture two days ago, I am now waiting for the price to correct to supports before buying again.

We have a sell signal on the MACD today after the price declined for two days, closing at 56.5c, after touching a low of 55.5 today.  The ascending 20d and 50d MAs have merged and should provide initial support at 55c.  I have also drawn a line connecting the previous two lows which would give an indication of where the trendline support is in the next session, 54c.  If this uptrend is violated, the ascending 100dMA would be called upon as support, 51c.

Even though we have a sell signal on the MACD and even though the MFI shows lower highs and lower lows, suggesting a weakened buying momentum, the price decline has been accompanied by lower volumes.  If we look at the OBV, we do not see any obvious distribution activity either, which is a contrast with what we observed for the month of January after the price peaked at 65.5c.  For anyone thinking of accumulating at supports, the low volume sell down plus benign signs in the OBV provide positive confirmation.