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Golden Agriculture: Which way would it go?

Monday, September 20, 2010

CPO price spiked 4.31% today or RM112 to close at RM2,708.  It is on track to challenge the previous high, it seems. Strong buying by Chinese purchasers and short covering were cited as the reasons.

Palm oil shipments to China will likely rise 3% this month compared with August, as low stock levels of around 400,000 tons at ports in China spurred buyers to increase purchases, a Beijing-based vegetable oils analyst said. 
-By Shie-Lynn Lim, Dow Jones Newswires,
September 17, 2010 06:55 ET (10:55 GMT.

Golden Agriculture's share price gained 1c to close at 59c today. This was, however, on the back of rather modest volume. I have suggested in earlier posts that its share price seems to be trapped in a symmetrical triangle. Immediate support is at 57.5c, a many times tested candlestick support and coincides with the rising 20d and 50d MAs. If this goes, 55c should be a very strong support as that is where we find the 100d and 200d MAs.  It is also where we find the uptrend support line now.  To move higher, price has to overcome resistance at 60c.  This is also where we find the upper line of the symmetrical triangle which would present some strong resistance.

Currently, the MFI and RSI are both bordering on overbought and OBV is flat. Technically, the picture is not strong. An appreciation in price on higher volume is required to break resistance at 60c, probably.  However, it would also push the MFI higher into overbought territory.  If this happens, I expect to find strong resistance at 62c.  This is a many times tested resistance level in April 2010 but ultimately proved too strong to be taken out.

Related post:
Golden Agriculture: Trading Buy by OSK.


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