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Crude palm oil (CPO) price was down 2.75%, "touching their lowest level in four months as key crop data pointed to a surprise increase in stock levels." Source: Dow Jones Newswires.
Doing a one day contra on my most recent foray into Golden Agriculture was an example of how a little less greed could be a good thing. The counter's share price sank to retest support provided by the 200dMA at 64.5c in the last session on the back of higher volume. Could price go lower to test the lower Bollinger band at 62c? It could. If that were to happen, could it be time to buy? It is too early to say but it could be.
Pay attention to the MACD and see if it forms a higher low if price were to retreat further. A positive divergence would be a good signal that we could go in for another trade.
Related post:
Golden Agriculture: A one day gain of 7 to 9.4%.
Golden Agriculture: To sell or to hold?
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