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Male cheerleader brings it on!
Tuesday, July 5, 2011Posted by AK71 at 11:40 PM 2 comments
Labels:
tea
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.
"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.
Long holders could be walking on thin ice here. Good luck.
Related post:
Golden Agriculture: Strong resistance.
Posted by AK71 at 9:44 PM 0 comments
Labels:
CPO,
crude palm oil,
FA,
Golden Agriculture,
TA
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