Golden Agriculture

Golden Agri\'s chart has a pattern which looks like a mini ascending triangle (on diminishing volume). 50c remains the resistance to watch. The rising 20dMA has been compromised twice this week. Rising 50dMA and 100dMA are at 46c. These should provide strong support. I am still long this counter but might consider partial divestment if it hits 50c.

Over the longer term, I continue to believe that Golden Agriculture is going up. Looking at the weekly chart, it becomes quite clear why 50c is a major resistance. That resistance is provided by the declining 100wMA, currently at 51c. Rising 20wMA is at 46.5c. Overcoming the 100wMA will take some time but it will happen as the rising 20wMA seems on course to form a golden cross with the 100wMA in the next few weeks. This gels with certain views that demand for crude palm oil will strengthen towards the Chinese New Year celebrations. Charts for Golden Agriculture singaporeanstocksinvestor.blogspot.com/2...den-agriculture.html Vested.

Yesterday, my overnight sell queue for Golden Agriculture at 51c resistance, provided by the descending 100wMA, was done. Another 20% of my position sold. It was nice how the 50c resistance was punched through but a white spinning top ended the day. If 51c is taken out convincingly today, I see a target of 62c in time. If 51c resistance holds out, price is likely to weaken to support and I would like to buy again at 47c in the near future. Updated charts: singaporeanstocksinvestor.blogspot.com/2...c-09-commentary.html

Golden Agriculture closed at 50.5c, forming a doji in the process. Momentum oscillators are still rising although OBV has gone flat. The dwindling volume since mid August is quite obvious on the weekly chart. Without a surge in volume and a sustained one at that, it would be difficult for price to close above the descending 100wMA.

On New Year\'s Eve, crude palm oil (CPO) closed up RM68 or 2.62% at RM2,663, a 7 month high. A retest of the high achieved this year at RM2,790 in May is on the cards.

Golden agriculture closed above the declining 100wMA today on low volume. This being the weekly chart, we have to see if it stays above the 100wMA at the end of the week. Limited downside with all the dMAs rising and within close proximity of each other. However, without a surge in buying momentum or some catalyst, this counter might be moving sideways for a while.