Golden Agriculture: FA and TA.

I retain a very small long position in Golden Agriculture. The price of crude palm oil (CPO) has made a new low for 2011, closing at RM3,040.

"Inventories are likely to accumulate in the coming months, unless prices fall to around MYR2,700-MYR2,800/ton, levels that might spur strong physical demand for the commodity and prompt traders to buy on dips, said a trading executive in Kuala Lumpur...

"June output is expected to rise 7%-10%, from 1.74 million tons the previous month, and end-June stocks could rise by as much as 24% to 2.38 million tons." Dow Jones Newswires, July 05, 2011 07:17 ET (11:17 GMT).

The longer term fundamentals, given the strong and growing demand for the vegetable oil, are still intact. However, short term weakness could present rather strong downward pressure on prices. Therefore, I am exercising caution and not adding to my long position in Golden Agriculture. This decision is also informed by technical analysis.

If we look at Golden Agriculture's daily chart, the symmetrical triangle is quite obvious. Two thirds to its apex, we could see a movement breaking the triangle in the near future. Up or down? With price finding it hard to recapture support provided by the 200dMA, the bias is towards the downside. With the ADX indicating a lack of trend, look to the Stochastics for clues. It is turning down from the border of the overbought region. Some softness in the counter's share price would not be surprising.

A look at the weekly chart shows that the Stochastics has broken support. A weakened momentum is obvious. If price were to break the symmetrical triangle to the downside, we could see a test of support provided by the 100wMA. 61c? Could happen.

Long holders could be walking on thin ice here. Good luck.


Related post:
Golden Agriculture: Strong resistance.

Golden Agriculture: Accumulation mode.

Anyone who has been following my blog recently would know that I have been accumulating shares of Golden Agriculture. Today, I bought more shares in the company at 66.5c a share. Do I intend to buy more if price should weaken? Yes, I would.

I am confident that the demand for crude palm oil (CPO) will strengthen as an edible oil as well as for the production of bio-fuel. With increasing affluence in Asia, especially in India and China, consumption is on an upward trajectory. With crude oil once again north of US$100 a barrel, we could see a stronger return of bio-fuel as a less expensive alternative. The fundamentals support higher CPO prices in future.

CPO has retreated to RM3,270 a ton from a high of RM3,960 in February. This is a decline of more than 17%. There are signs that the steepest part of the correction is over as price has managed to stay above RM3,230 a ton since late March.

Golden Agriculture's fortunes are probably the most levered to the price of CPO amongst the CPO companies listed in Singapore. Its share price took a dive from a high of 83c on 4 Jan 2011 to just 61c on 23 Feb 2011 for a loss of 26.5%. Devastating for anyone who got in at or near the high? Quite. Could price continue to move south?

Well, technically, I get the impression that the counter is oversold. As the ADX is at 11 and the DIs approximate 20, there is no strong trend or a trend per se. Volume has reduced again today as price found support at 66c and this is where the uptrend support which originated on 23 Feb is found. Stochastics is still in oversold territory and could we see it forming a higher low?

I always say that TA is about probabilities and never certainties. So, in the event that price moved lower, where is the next support? If the trendline support originating from the low of 23 Feb were to break, I see the next support at 65c. This is also a more ideal entry price I identified some time back when I was thinking of re-initiating a long position in this stock. More ideal because it was the top of a very lengthy basing process which started in early January 2010 and ended in October of the same year.

By drawing a Fibo fan using the low of 23 Feb and the high of 11 Apr, 65c is also where we would find the 78.6% Fibo fan line next week. For good measure, I used the low of 25 May 2010 and connected it to the low of 23 Feb 2011 which gave me another trendline support. Guess what. This line actually approximates the 78.6% Fibo fan line mentioned earlier.

65c could be the next strong support. If price were to test 65c, I am buying more.

Golden Agriculture: Long term uptrend is intact.

I have felt bulllish about crude palm oil (CPO) since 2009 and made some money divesting my investment in Golden Agriculture in 2010 when its share price shot through the roof. With the fundamentals of CPO still strong and likely to strengthen with the higher price of crude, I am convinced that Golden Agriculture will do better in time and I traded its shares on a few occasions as well.

However, I refused to chase as Golden Agriculture's share price rose higher and hit a high of 83c on 4 January. In fact, I was warning readers of the glaring negative divergence which saw the MACD forming lower highs and the share price formed higher highs. Patience will be rewarded (usually) and today I got back in on the long side once again at 67c/share which is where we find the rising 200dMA.

If we remember how in the last two occasions when the 200dMA was tested, it failed to hold up, we would treat any buying at this support as a hedge. So? A smallish long position just in case it does hold up. Put in a larger buy position at the trendline support which I have drawn in red. This is a long term support which started on 26 May 2010. If this were to fail, the next long term support is the one which originated at the bottom on 28 Oct 2008. This trendline support, I have drawn in orange color. I will accumulate if there should be further weakness.

Golden Agriculture: Stellar FY2010 results.

In my past blog posts on Golden Agriculture, I said that this company is the most leveraged to CPO price and the very strong CPO price in recent months naturally means higher profits for the company. Golden Agriculture reported stellar results for FY2010 today:

Year on year:

1. Revenue increased 53%.

2. Core net profit increased 91% (excluding gain from changes in fair value of biological assets, foreign exchange loss and exceptional items).

3. Net debt/equity ratio at 0.1x.

4. Dividend of 0.77c per share proposed.

5. NAV per share is US56c.

6. EPS is US12c.


See full presentation here.

The after market sell down of almost 10m shares at 65c is somewhat disconcerting. This notwithstanding, the immediate resistance to any continuing upward movement in price is provided by the descending 20dMA which would approximate 68.5c tomorrow. I went in this morning with a small long position at 64c. Let us see how things turn out tomorrow.

Golden Agri Q4 net more than doubles to $1.49b. Its revenue surged 85% to US$1.19 billion from US$643 million in the year-ago period and core profit more than doubled to US$146 million.
Monday, 28 February 2011

© 2011 - The Edge Singapore

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.

Golden Agri, Kencana Agri and IndoAgri.

Crude Palm Oil has crossed the RM3,000 mark today. The long term resistance at around RM 2,780 which was taken out days ago is most probably the new support now.  The fortunes of CPO counters should continue to improve.

If not for its problems with the environmentalists, I expect Golden Agriculture to be a big beneficiary to strengthening CPO price.  If it loses more customers like it did in the past, it might not be able to ride on the improving CPO price firmly like the rest.  Technically, Golden Agriculture is correcting from overbought conditions.  It should see support at 61c and that would be a safer entry price.

A friend sent me an email a couple of weeks ago, maybe more, which he received from his broker. His broker recommended a buy on Kencana Agriculture which is much smaller than Golden Agriculture in many ways. Looking at the charts now, I am wary of this counter because it seems to display classic signs of negative divergence between price and volume, price and MACD, price and MFI as well as price and RSI.  The shorter term 20dMA seems to be flattening.  Could this loss of momentum suggest something more ominous?

IndoAgri has clear signs of being overbought.  $2.44 is the top of a double bottom like formation and it is also where the 20dMA is approximating soon. When we look at the Fibo lines, it is also the 138.2% line. It is the support to watch in case of a retreat in price. A fair entry price? It could be but it does not mean that price could not retreat further.  The longer term uptrend support is where the 100dMA is approximating.  This is currently about $2.31.

My very first post on Golden Agriculture:
Why Golden Agriculture?

Golden Agriculture: Going higher?

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.

Palm oil companies rise on firm prices
Wednesday, 13 October 2010

© 2010 - The Edge Singapore

Related post:
Golden Agriculture: CPO at a new high.

Golden Agriculture: Which way would it go?

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.

Golden Agriculture: Triangle.

Accumulation of shares in Golden Agriculture seems to have come to a halt as the OBV flattens. Over a shorter term, momentum oscillators are still rising but this could change quickly.  The MACD histogram has turned red and volume shrank dramatically today as price action formed a doji, suggesting indecision.

The technicals are somewhat ambivalent at this stage.  Up or down?  The probability seems to be quite even either way.  If we look at the bigger picture, we would understand why.  It seems that price action is forming a large symmetrical triangle. Volume has also been declining.  Which way would its price go?  Being in a symmetrical triangle, price could go either way.

Personally, I am vested in Golden Agriculture because I believe in its fundamentals.  CPO price is up again today at RM2,674. This is an increase of 1.75%.  However, for anyone who is in doubt and feeling unsure, staying out is the best thing to do.

Golden Agriculture: Moving higher?

The fundamentals of CPO remain good and the recent price weakness in Golden Agriculture was accompanied by rather light volumes. Price broke resistance at 55.5c in today's session and closed at 56c.  55.5c is where we find the 50dMA.  Next resistance is at 57c. This is where we find the declining 20dMA and the downtrend line.  If this resistance level is taken out, we could possibly see the longer term resistance at 62c retested.

The MFI is rebounding from a low while the RSI has risen out of the oversold region. The MACD's decline in negative territory has halted and it is pointing slightly upwards.

Aug 31: Golden Agri, Kim Eng, Yangzijiang, Ezra. Crude palm oil for November delivery increased 1.1% in Kuala Lumpur yesterday, extending its three-day advance to 3.4%.
Tuesday, 31 August 2010

© 2010 - The Edge Singapore

Related post:
Golden Agriculture: Breaking the 200dMA.

Golden Agriculture: Breaking the 200dMA.

CPO at RM2,543 and Golden Agriculture's share price is at 53.5c. The 200dMA is at 54c and closing below this MA is bearish.  The question to ask is could this bearishness be short term in nature.

Although the MFI's dramatic decline has continued, signalling a rapid fall in demand, it is bordering on oversold.  The RSI has, in fact, plunged into oversold territory, suggesting that the strong selling pressure might be overdone.  Looking at the OBV, we do not spot any heavy distribution activities.  This suggests that the selling could be by weaker holders.  In fact, look at the volume and we realise that, although higher than the previous three sessions, it is not dramatic.

Drawing upon the gentlest of uptrend lines from the low of 25 May, we find the next support at 52.5c.  Look at the weekly chart and 52.5c is where we find the 50wMA and this has proven to be a reliable support before.  Very interestingly, look at the MFI and RSI in the weekly chart. They are rising and as price fell in the last three weeks, the MFI continued rising. If price bounces off 52.5c, we could have a reversal on hand.


"Palm oil prices must rise to around MYR3,000 ($955) a metric ton to curtail demand for exports, as bouts of bad weather have limited palm production growth in Indonesia and Malaysia, the world’s top palm oil producers, leading vegetable oils analyst Dorab Mistry said Thursday evening. 

"Global consumption of vegetable oils for food and biofuels will likely grow by 6 million tons during the year to March 2011, while growth in supply of those oils will likely be a dismal 2.3 million tons due to adverse weather around the world, Mistry said in a speech prepared for an industry conference in Belem, Brazil."

-By Shie-Lynn Lim, Dow Jones Newswires;
August 26, 2010 09:00 ET (13:00 GMT)

Golden Agriculture: Eyeing immediate support.

Anyone who has been following my blog would know that I have a preference for Golden Agriculture over Indofood Agri.  The former is more of a pure CPO play and I have said that demand for oil will improve over time even in a weak economic recovery.  Therefore, CPO is a natural beneficiary.  As Golden Agriculture is the most levered to the price of CPO amongst all the CPO companies listed on the Singapore Exchange, fundamentally, it would outperform if CPO price stays high. In terms of valuation, Golden Agriculture remains the least expensive CPO play as well.

Today, its price closed at 57.5c which is where we find the rising 20dMA. Although the MACD is declining and has completed a bearish crossover with the signal line, it is interesting to note that OBV has formed a higher lower.  It seems that distribution is weakening.  Of course, the higher high on the MFI is still valid.

Drawing an uptrend line from the low of 7 Jun, it is easy to see that a support that approximates the rising 50dMA. This should be a very strong support.  However, it might not be tested if the 100dMA holds up as immediate support at 55.5c.

Indofood Agri target lowered to $2.31 by Daiwa. Daiwa notes management’s warning of weaker margin for cooking oil in 3Q10 due to 5% price cut at end June. Keeps Hold call: “While we are bullish about the palm-oil sector, our main concern is IFAR’s relative valuation compared with those of its peers.”


Thursday, 12 August 2010

© 2010 - The Edge Singapore

By OCBC Investment Research, 12 Aug 10:
Golden Agriculture: Company Update.

Related post:
Why Golden Agriculture?

Golden Agriculture: 20% rise in net earnings.

Price broke the 58c support to touch a low of 56.5c before closing at 57c.  Volume is higher than yesterday's but not significantly so. The selling down, although formed a big black candle, lacks conviction.

In my analysis yesterday, I mentioned that the MFI could test 50% as support.  Today, it is at 66%.  Still declining, it suggests a weakening in near term demand.  However, the recent higher high gives me reason to be optimistic.

Continuing weakness could see a stronger support provided by the flattish 100dMA at 55.5c tested.  I would increase my exposure to the stock if price should test this support level.  Higher CPO price is good news for Golden Agriculture and would strengthen its fundamentals.

Golden Agri off 3.3%; Cost pressure may persist. On brighter note, any concerns over Greenpeace’s recent allegations of company engaging in environmentally harmful planting practices should ease with Golden Agri releasing findings of independent study clearing it of any wrongdoing.
Wednesday, 11 August 2010

© 2010 - The Edge Singapore

Golden Agri-Resources posts 20% rise in 2Q net profit to $89.4m. As at end of June 2010, GAR’s financial position remained healthy with conservative gearing and sufficient cash balance.
Wednesday, 11 August 2010

© 2010 - The Edge Singapore

Golden Agriculture: CPO broke double top.

Crude palm oil (CPO) formed a 15 months high yesterday (RM2,730), breaking the double top formation (RM2,710) mentioned before. Fundamentally, this is very good news for Golden Agriculture.

Golden Agriculture started at 61c today before closing at 60c after touching a low of 59c.  Volume was quite low. The sell down lacks conviction and this is good news for the bulls. The MFI has formed a higher high but it might decline to retest 50% which is also where we find a longer term uptrend support. 

In case of a pull back, expect immediate support at 58c, this is also where the rising 20dMA would be in the next few sessions.  58c could be a good entry price, especially if we notice the uptrend starting 30 June approximates the 20dMA. 

Fundamentally, strong CPO prices would underpin performance of Golden Agriculture.  Technically, the uptrend is obvious and it should be safer to buy at supports in an uptrend.

Golden Agriculture: Uptrend.

58.5c is a natural resistance turned support if we look at the candlesticks formed in the last three weeks.

The current uptrend support approximates the rising 20dMA and would be somewhere around 57.5c in the next session. Price could decline, break support at 58.5c and hit 57.5c in a whipsaw before rebounding.

Since the price hit a low of 48c in May, the MFI, OBV and RSI have been rising together with the rising price. So? Growing demand, continual accumulation and bouyant price movement. All good news for bulls.  If this continues, price could push upwards to retest 62.5c.  Could it overcome this resistance level?

Crude Palm Oil (CPO) has recovered strongly in a steep line upwards and is now at RM 2,661.  This is not far from the double top which saw CPO at around RM 2,710.  Golden Agriculture would benefit from higher CPO prices and the market knows this.  If CPO price breaks RM 2,710, we could see Golden Agriculture's share price rally to a new high.

Some views from Marc and Jim.

Marc Faber thinks that the Fed would embark on more quantitative easing (aka print more money) in September or October:



Jim Rogers says to buy silver as it is 70% below its all time high:



Jim Rogers also mentioned that sugar is a good investment because a lot of it is being used in the production of alternative fuel.  Now, with the US limiting offshore drilling for crude oil, shortages might develop and that could mean higher crude oil prices in future.  I would keep an eye on CPO price which has been recovering strongly lately.  That affects CPO counters like Golden Agriculture.

Related posts:
Gold or silver?
Why Golden Agriculture?

Golden Agriculture: CPO price spiked 2.44%.

CPO price spiked 2.44% today to close RM58 higher at RM2,439.  The impressive appreciation aside, what is more significant is that the downtrend resistance established since the double top formation I have talked about before has been broken!  Is this the beginning of a sustained recovery or is the decline simply shifting to a lower gear?  Only time will tell.

Golden Agriculture's share price has yet to react to this bit of news or would it react at all?

From 26 April, we can draw two fan lines.  Price broke out of the first fan line resistance (in orange) and later on broke out of the second fan line resistance (in red). Since then, price seems to have moved into a range with resistance at 55c, provided by the flat 100dMA, and support at 52c, provided by the gently rising 200dMA.

Although the OBV is flattish, the MFI, which accounts for both volume and price, has broken out of its downtrend. So too has the RSI.  The halt in the decline of the MFI suggests that we are seeing a return in demand but this is probably balanced by the presence of sellers which is why the OBV is flattish. The dojis formed in the last two sessions suggest indecision and this reinforces the idea that we are seeing a delicate balance between the buyers and sellers here.

The MACD is gently rising in positive territory which indicates that the momentum is positive. So, although the current situation is still iffy, there is a slight upward bias observed. In the short term, the 100dMA resistance might be hard to break.  Look at the stochastics and we will see that it is entering overbought territory.  Upside could, therefore, be limited at 55c.

Fundamentally, if CPO price continues to recover while the share price of Golden Agriculture trades sideways, we might have an interesting proposition to go long here.  Buy in at 52c? Maybe. I am keeping an eye on this one.

Related post:
Golden Agriculture: Rebounding.

Golden Agriculture: An inverted cross.

A doji that looks like an inverted cross. Not good.  Well, it's not because it invites the devil in but it suggests that price tried to push higher but ended up in failure at the end of the day.

Fundamentally, CPO price declined again today and, thus, continues the downtrend. This is probably one reason why Golden Agriculture's share price is lacklustre.

MFI has formed a slightly higher high. It remains to be seen if it would form a higher low. MACD and OBV are both flat. Volume is much lower.  All these suggest a lack of interest from market participants.  If this continues, chances are greater that the price would drift slowly lower.

55.5c remains the resistance level to watch for now. This was the price at which I divested some of my remaining investment in the company recently on 10 May, observing that the uptrend has been compromised.

Charts in brief: 10 May 10.

The STI rebounded nicely today. Personally, I am making use of the rebound to reduce exposure. If the rebound continues tomorrow, I would lighten my portfolio further.

STI advances 2.1% to 2,880.48 at closing
Monday, 10 May 2010

© 2010 - The Edge Singapore

Courage Marine: The BDI is in excess of 3,600 today! Good news for Courage Marine as it closed 1c higher at 20c but on very low volume. If Courage Marine is able to close at 21c or higher in the coming sessions, it would negate the bearishness seen in the last couple of weeks. We have a buy signal on the MACD but its reliability is suspect due to the very low trading volume. Wait and see.

Golden Agriculture: CPO at RM2,538 today means it is still in a downtrend which started in early March. Golden Agriculture staged a nice rebound with price piercing resistance provided by the 100dMA at 55.5c to touch a high of 56c before closing at 55c. Volume is also respectable.  We have a morning star set up, a 3 stick reversal pattern. The buy signal on the MACD is more credible in this instance. My overnight sell queue at 55.5c was done.  Let's see if 55.5c could be overcome and the resistance at 58c tested next.  58c, that's where I would queue to sell again.

SPH: MFI bounced off 50% support, forming a higher low. $3.90 resistance successfully taken out as price closed at $3.95. Volume is respectable and the price might go higher tomorrow to test the next resistance level at $4.03 gap resistance which coincides with the 20dMA. SPH remains the largest investment in a blue chip for me and I made use of the rebound today to offload some, locking in some gains. I might offload more tomorrow if its price goes higher.

CapitaMalls Asia: 4r1g buy signal on the MACD. MFI is turning up from the oversold region and the OBV is turning up too. We also have a valid morning star pattern although a weak one with volume very low on this up day.  There are various resistance levels next if the price continues to move up.  I would reduce exposure at these levels: $2.09 gap resistance, $2.12 support turned resistance and $2.15 declining 20dMA resistance.

Healthway Medical: MFI emerged from the oversold region. OBV continues to decline, suggesting that distribution is underway even though the counter has gone CD. I continue to queue at 15.5c to sell at resistance.

Saizen REIT: Quarterly results on 12 May 10, two days from now. Price closed at 16.5c today with technicals turning very positive. First off and a major development: the negative divergence between price and volume has been negated!  MACD is turning up towards the signal line as we see a buy signal. MFI's higher high is a given while the OBV suggests aggressive accumulation. The only negative is the descending 20dMA which seems poised to form a dead cross with the 50dMA.

Before the price could go higher, the descending 100wMA which is at 17c has to be overcome. This is a very long term MA and is likely to be a strong resistance. Let's see.

Good luck to all fellow Saizen REIT unitholders!

US Futures are looking very green now.  Looks good. :)

Related post:
Charts in brief: 7 May 10.

Golden Agriculture: Approaching supports.

The price of crude palm oil declined RM57 or 2.2% today to close at RM2,538.00.  Since testing the three months high of RM2,710, CPO's price has been in retreat.  There is a danger that we might see the formation of a double top.  This is quite clear in CPO's three month chart.  The neckline? RM2,400.00.  This situation bears watching.

On 12 March, in a post titled, "Golden Agriculture: Waiting for support", I said that "The ascending 20d and 50d MAs have merged and should provide initial support at 55c. I have also drawn a line connecting the previous two lows which would give an indication of where the trendline support is in the next session, 54c. If this uptrend is violated, the ascending 100dMA would be called upon as support, 51c." 

These observations are more or less still valid except that the trendline support is now higher up at 54.5c which also coincides with the gap support.  Interestingly, 54.5c has been a gap support and gap resistance in the recent past before 5 March. It is also a many times tested candlestick support and resistance level.  This implies that it should be a strong support if tested.

Golden Agriculture's price retreated 1c today to close at 56c.  This is after starting at a high of 57.5c in the morning.  So, we have a wickless black candle today.  Very bearish.  The MACD looks set to make a bearish crossover with the signal line. 

Expecting further weakness in price, I am ready to accumulate at supports.  However, if the price breaks through all the near term supports I have identified including 54.5c which I expect to be a strong support, I would wait to buy more closer to the rising 100dMA which would be around 51.5c next week.