Yesterday, I mentioned Golden Agriculture's "next resistance is at 57c. This is where we find the declining 20dMA and the downtrend line." Today, it broke this resistance level in a most convincing manner as volume expanded significantly. Price touched a high of 58.5c before closing at 58c.
58.5c is a many times tested resistance level and one wonders if this could be taken out as we eye 62c, the longer term resistance which I said could possibly be tested.
Technically, chances are good with both the MFI and RSI rising strongly. Being at around 50%, they are nowhere near overbought and they could go much higher. The OBV shows accumulation. The MACD seems ready for a bullish crossover. Most importantly, volume is the fuel that drives rallies and this has been increasing nicely. Let us see if this continues to be the case.
Related post:
Golden Agriculture: Moving higher?
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