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On a day that saw the STI broke the 3,200 mark, Golden Agriculture's share price shot through resistance to touch a high of 66.5c, closing at 65.5c as CPO made a new high at RM 2,930 (up RM30 or 1.03%). 65.5c was the high reached on 11 Jan 2010.
The question on many punters' minds is whether it would go up higher. The upmove is accompanied by explosive volume (>60% higher than the volume two sessions ago). Volume is the fuel that drives rallies. The MFI, a momentum oscillator based on volume and price, although has moved higher has yet to reach overbought levels. Demand could push price higher but it is definitely riskier to go long at this stage.
The longer term uptrend is intact but I would be wary of a correction which could bring the price to test the 200dMA as support in time. To those who are still vested, stay nimble and good luck.
Related post:
Golden Agriculture: CPO at a new high.
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