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58.5c is a natural resistance turned support if we look at the candlesticks formed in the last three weeks.
The current uptrend support approximates the rising 20dMA and would be somewhere around 57.5c in the next session. Price could decline, break support at 58.5c and hit 57.5c in a whipsaw before rebounding.
Since the price hit a low of 48c in May, the MFI, OBV and RSI have been rising together with the rising price. So? Growing demand, continual accumulation and bouyant price movement. All good news for bulls. If this continues, price could push upwards to retest 62.5c. Could it overcome this resistance level?
Crude Palm Oil (CPO) has recovered strongly in a steep line upwards and is now at RM 2,661. This is not far from the double top which saw CPO at around RM 2,710. Golden Agriculture would benefit from higher CPO prices and the market knows this. If CPO price breaks RM 2,710, we could see Golden Agriculture's share price rally to a new high.
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