Golden Agriculture

We have a sell signal on the MACD today and the MFI has turned down although it\'s still in the overbought territory. Price action formed an ugly black candle on rather high volume. Closing under 62c, the previous target price and resistance, is ominous. Initial support is at a round number, 60c. If that breaks, a strong support band is to be found at 52c to 54c.

Hi AK71, Opportunity to short Golden Agri?

Short? :blink: I am a long only investor.... :whistle:

Looks like the bears are taking the fields now! Hip hip hooray!

Wah, at301273 so happy! You must have shorted big time? Golden Agriculture confirmed the bearish signals seen yesterday with a gap down today. Opening at the psychologically important 60c level, it quickly turned that into a resistance level, resulting in a black candle day on rather high volume. Sell signal is confirmed on the MACD. The MFI continues to decline, moving out of the overbought territory in the process. The counter is no longer overbought but such black candle days usually have some momentum and the expectation is for a further decline in price. A major support level is at 54c. singaporeanstocksinvestor.blogspot.com/2...den-opportunity.html

Golden Agriculture is behaving according to expectations. Closing at 57c on lower volume suggests that if the price retreats to the gap support at 54c, we should expect some strong support. Although if 54c gives way, the steeper trendline would be violated and the next, gentler trendline would come into play. The latter, incidentally, coincides with the 38.2% Fibo line at 50.5c and should be a very strong support. I am going to accumulate on the way down at supports as the longer term fundamentals of crude palm oil remain intact.