Tea with AK71: Something from Hong Kong.

This is really funny. Took it off an English newspaper in Hong Kong. Didn't Wikileaks reveal that MM Lee said something about Kim Jong Il being attention seeking or something? ;-p

Golden Agriculture: Testing 100dMA support.

Back in Singapore. So nice to be back home! Although I am still feeling a bit unwell from the trip, I am sure I will be OK after a day or two. If I had stayed another day or two in Hong Kong, I would have been utterly miserable. It's the weather, I'm sure. I will have a blog post on this trip in my Travel Photos and Videos blog later this evening or tomorrow. Look out for it. ;)

A week ago, I said that "We could very well see the support provided by the 100dMA tested at 70c in the next session. If it should break, next support could be found at 66c where the rising 200dEMA would be approximating soon. The 200dEMA, being a long term MA, should be able to provide a much stronger support in case of further decline in price."

Well, price did not test the 100dMA in the following session but it did yesterday. In TA, it is hard to have exactitude but if we could get rough estimates right, that's not bad. OBV has gone lower which suggests continuing distribution. The 20dMA is about to complete a dead cross with the 50dMA. All eyes are now on the 100dMA and whether it could hold up as support. If it breaks, price could sink to 63c, the support provided by the flattening 200dMA. I might add to my long position then.

Related post:
Golden Agriculture.