MIIF: Springboarding or diving?

The question I have now is whether MIIF is going through a correction using time, waiting for the 20dMA to catch up before moving higher in price. The 20dMA is fast approaching 54.5c and to any chart watchers, it is quite obvious that this price is the immediate support.

The Bollinger Bands look like they are in the early stages of squeezing, signalling the onset of lower volatility and a possible springboarding (or diving) of MIIF's unit price to come. The OBV has been continually moving higher while the MFI is approaching 50% which could serve as support.  RSI suggests that the buying momentum has weakened but the MFI which takes into account volume as well shows that demand has been rising.

If the immediate support at 54.5c should give way, the next support is at 53c, a many times tested resistance level.  This is where the 50dMA is approximating as well.  Strong support is at 51c which is also where the rising 100d and 200d MAs would be in time.

Golden Agriculture: Stay cautious.

Golden Agriculture's share price made a successful attempt in recovering lost grounds as price opened at 57c and closed at 58c, forming a white candle on rather low volume in the last session.  Given the lack of enthusiasm in the upmove, one wonders if there would be a follow through which would see the 20dMA at 58c taken out as the immediate resistance.

The MACD continues to move lower after completing a bearish crossover with the signal line. MFI and RSI have both formed higher lows which is encouraging.  OBV is flat.  Technically, there isn't any clear direction.

Fundamentally, CPO price has stayed above RM2,700 and Golden Agriculture should be a strong beneficiary of this.  However, with the recent bad press and uncertainty as to whether things would worsen, it might be better to err on the side of caution and to stay sidelined. Support provided by the 100d and 200d MAs could be a better entry point and that is currently at 55c.

Related post:
Golden Agriculture: Unable to break out.