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Sunday, March 28, 2010Posted by AK71 at 10:08 PM 4 comments
Golden Agriculture: Reversal signal?
Friday, March 26, 2010
Golden Agriculture was sold down yesterday due to negative news regarding Sinar Mas group:
Cargill wants Sinar Mas to address concerns over its agri practices. Cargill has threatened to drop Sinar Mas as a supplier if it fails to address general concerns over alleged illegal logging, a statement on its website said. Top European palm-oil buyers such as Unilever and Nestle have already stopped buying palm oil from Sinar Mas after Greenpeace released a report about forest clearing by Sinar Mas. A statement on the Cargill website said the firm had asked the secretariat of the Roundtable on Sustainable Palm Oil (RSPO) − an industry body of planters and green groups − to investigate the allegations made by Greenpeace "about illegal forest clearance and the Indonesian palm oil company, Sinar Mas.".....
Read full report:
http://www.remisiers.org/research//GoldenAgri-260310[1].pdf
Golden Agriculture's price action today formed a doji, closing at 54.5c, seemingly recapturing this support level. A doji formed after a long black candle in the previous session is a possible two stick reversal pattern which chart watchers call the Bullish Harami Cross pattern.
Although the MFI is down, suggesting a weakening buying momentum, the OBV has turned up suggesting that distribution has stopped for now and, indeed, reversed to see some accumulation.
We will need confirmation in the next session to see if the reversal signal is valid. In the event of a reversal, the initial resistance is at 56c, a many times tested support turned resistance. This is followed by 57.5c and 60c, the recent high.
Posted by AK71 at 8:28 PM 0 comments
Labels:
FA,
Golden Agriculture,
TA

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