Golden Agriculture: 72c resistance.

Golden Agriculture hit resistance at 72c and closed lower at 70.5c, forming a black candle in the process.  In its attempt to move above 72c resistance, volume was relatively lower, suggesting a lack of buyers.

A dead cross between the 50dMA and the 100dMA is still on the cards and the market has turned cautious as evident in the declining volume as price tried moving higher in the last 4 sessions. A pull back would see initial support at 68c, followed by 64c, as provided by the rising 200dMA.

What if the counter were to move higher? Well, there is that probability since volume is healthy this week, forming a nice white candle in the process. In fact, it could be a 3 candle reversal pattern. Looking at the weekly chart, 72c is a longer term resistance as provided by the 20wMA. If this were to give way next week, we could see price go higher to 75c and, then, 80c.

On the other hand, things could get quite ominous if the downtrend which started in early January 2011 were to re-assert itself. The 50wMA is currently at 62.5c while the 100wMA is currently at 54c. Both these MAs are long term MAs, however, and should provide strong support if ever tested.

Related post:
Golden Agriculture: Signs of selling into strength.

Tea with AK71: iPad 2.

I have been sorely tempted by the iPad and I have been looking at the Samsung Galaxy Tablet.  I am so glad I did not buy either one because the iPad 2 is coming soon! Best of all, it would not cost more than the iPad. It would be at the same price! I can imagine many who are considering a tablet would now wait for the iPad 2. Bad news for shops selling the iPads... for now, anyway.

Jobs told those gathered for the unveiling the handheld computer is not only thinner than its predecessor, it is "dramatically faster."

"It has a new chip called A5," he said. "It's dual-core, so we get twice as fast performance on the CPU and nine times better graphic performance," the Times quoted Jobs as saying.

The new tablet is 33 percent thinner than the original iPad and weighs 1.3 pounds, down from 1.5 pounds, Jobs said.

Read more: http://www.upi.com/Business_News/2011/03/02/Apple-CEO-Steve-Jobs-gets-standing-ovation/UPI-12761299093214/#ixzz1FY1FAw3t

CapitaMalls Asia: Consolidating?

All we can really say is that the downtrend has come to a halt and that price is testing gap resistance at $1.75. In fact, today, price touched a high of $1.78 before closing lower at $1.74. Traders are selling into strength amid uncertainties in the world markets.

Although an inverted black hammer is not pretty, price still closed above the support line drawn with the low of 28 Feb as the source. This is encouraging. The declining volume as price tried to move higher is the major dampener for bulls here. If this continues, we could be seeing the early days of a longer consolidation process.

Immediate support is still at $1.69 and if this breaks, we could see price moving lower. The gap resistance at $1.75 which has cracked two sessions in a row remains the immediate resistance although weakened. A realistic target upon overcoming gap resistance is $1.83, a twice tested support that gave way on 23 Feb.

Related post:
CapitaMalls Asia: Steady in a sea of red.

Golden Agriculture: Signs of selling into strength.

Golden Agriculture's share price attempted to move higher today and touched a high of 71.5c. This is probably on news of higher CPO price which likely did better due to the strong price of crude oil. The counter's share price eventually retreated to close at 70c. There seems to be some strong selling pressure higher up.

However, closing above the downtrend resistance is good news for bulls since it confirms a nascent uptrend although it is a weak uptrend as suggested by a declining ADX. Unless volume expands significantly on the next upmove, expect continuing resistance as price tries to move higher. The declining 50dMA seems on track to forming a dead cross with the rising 100dMA which is currently at 72.5c. This could cap any upside from here.

Related post:
Golden Agriculture: Downtrend once more.