Capitaland: TA update.

What an amazing run up Capitaland's share price had in the last session. That the run up was accompanied by huge volume is good news for bulls. Short sellers were probably scrambling to cover their positions in the last session, surprised by the buying strength.

Anyone who added to their long positions or initiated one in the last few sessions would be wise to search for exit points, if they have not done so already. Why? Make no mistake, Capitaland's share price is still in a downtrend. Only if it were to break out of resistance provided by the declining 100dMA in a convincing manner could we say that the downtrend is broken.

Resistance provided by the declining 100dMA? Divest at resistance? In a downtrend, that would be conventional wisdom and something I would do.

Golden Agriculture: 68c support.

In my last blog post, I said that chances of a breakdown in price are higher. I have been proven wrong by Mr. Market, once again demonstrating the risky business of guessing Mr. Market's future movements.

Golden Agriculture's share price touched a high of 71.5c on very high volume before closing at 70.5c in the last session.

People ask me if the price could go higher? Well, only Mr. Market knows. What we know is that 68c is now support and 71.5c remains a significant resistance. Overcoming 71.5c could see price going higher and we could even see the gap closed at 76c. With such huge volume in the last session, chances are fair that this could happen. A pull back should find support at 68c.

Good luck to us all.