Golden Agriculture: Moving higher?

The fundamentals of CPO remain good and the recent price weakness in Golden Agriculture was accompanied by rather light volumes. Price broke resistance at 55.5c in today's session and closed at 56c.  55.5c is where we find the 50dMA.  Next resistance is at 57c. This is where we find the declining 20dMA and the downtrend line.  If this resistance level is taken out, we could possibly see the longer term resistance at 62c retested.

The MFI is rebounding from a low while the RSI has risen out of the oversold region. The MACD's decline in negative territory has halted and it is pointing slightly upwards.

Aug 31: Golden Agri, Kim Eng, Yangzijiang, Ezra. Crude palm oil for November delivery increased 1.1% in Kuala Lumpur yesterday, extending its three-day advance to 3.4%.
Tuesday, 31 August 2010

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Related post:
Golden Agriculture: Breaking the 200dMA.