Golden Agriculture: Levitation act.

Golden Agriculture's fortunes are tied to the performance of Crude Palm Oil (CPO).  With CPO forming new highs, Golden Agriculture is likely to do better in time.  However, I remain wary of adding to my position as the price does a levitation act.

The negative divergence with price moving higher and volume shrinking is all too obvious. Having said this, the MFI has formed higher lows which suggests that there is support and demand is strengthening.  The lower highs on the RSI suggest that the buying momentum has been weakening.  So? Price has been moving up due to the lack of sellers and not an abundance of buyers.

Immediate support is a recently many times tested 71.5c. Stronger support is at 67c, the low of 24 Nov and that is also where we find the rising 50dMA. The longer term resistance of 61c should be the longer term support now.