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Crude palm oil (CPO) formed a 15 months high yesterday (RM2,730), breaking the double top formation (RM2,710) mentioned before. Fundamentally, this is very good news for Golden Agriculture.
Golden Agriculture started at 61c today before closing at 60c after touching a low of 59c. Volume was quite low. The sell down lacks conviction and this is good news for the bulls. The MFI has formed a higher high but it might decline to retest 50% which is also where we find a longer term uptrend support.
In case of a pull back, expect immediate support at 58c, this is also where the rising 20dMA would be in the next few sessions. 58c could be a good entry price, especially if we notice the uptrend starting 30 June approximates the 20dMA.
Fundamentally, strong CPO prices would underpin performance of Golden Agriculture. Technically, the uptrend is obvious and it should be safer to buy at supports in an uptrend.
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2 comments:
Hey AK71,
Thanks for your posts -- I've learnt lots from you. A quick question: where do you get your commodities data (eg. the crude palm oil price) from?
Hi Anonymous,
I don't know about the other commodities but you can find the price movement of CPO at www.palmoilhq.com. :)
If you are planning to travel, remember to give my ZUJI banners a chance. You might get a good bargain and I will get a small commission. ;) Thanks.
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