Golden Agriculture

Closed down 1c at 59.5c on heavier volume. MACD has made contact with the signal line and is poised for a bearish crossover. Things are looking somewhat bleak but let\'s see if the rising 20dMA will be able to push up the price next week. The higher high on the MFI does suggest a return of positive buying momentum. This would confirm that the counter is doing a correction using time. If the 20dMA fails to hold up as the support next week, the rising 50dMA is at 56.5c and the rising 100dMA is at 54.5c. These two longer term MAs would provide stronger supports then.

MACD continues to decline in negative territory. Candlestick suggests a possible reversal signal. Resistance at 55.5c and 58c. I might sell some of my remaining stocks if a rebound takes place.

Today, its price broke the 200dMA briefly to touch a low of 50.5c but closed at 52c. This might be due to a little bounce in CPO\'s price today to close at RM2,470, up RM35 or 1.44%. Clearly, the downtrends for both Golden Agriculture and CPO are intact.