Golden Agriculture

Today, price action formed a strong white candle to close at 54c. This happened on the back of expanded volume which promises more upside in the next session. The MACD has made contact with the signal line and a bullish crossover is inevitable. MFI continues to turn up and approaches 50%. singaporeanstocksinvestor.blogspot.com/2...elivering-goods.html

MACD seems poised to make a bearish crossover with the signal line. Price action formed a doji today, signalling indecision. Someone said to me that the price refuses to fall to the supports I have identified. Well, we could consider a hedge and buy a bid above initial support which means buying at 56c. Hedging has always worked for me. All MAs are still uptrending and I believe that buying at supports is still the way to go.

Mixed signals seen. Sell signal confirmed on the MACD on a white candle day as price closed higher at 61c, forming a white spinning top in the process. The MFI has formed a higher low but note that volume was lower, an up day, compared to the preceding two days which were down days.

A long legged doji. This is a possible reversal signal as price does not seem able to break resistance at 62.5c. However, the MFI has formed a higher low and OBV continues to rise. Golden Agriculture might just try to push higher. Channel resistance is at 64.5c this week.

A black spinning top. This is the seventh reversal signal in a row and seeing how price action has detached from the upper limits of the Bollinger band, a retracement to supports is probable: 20dMA is at 58c and 50dMA is at 56c. MFI formed a higher low but failed to form a higher high today. The OBV shows a lack of strength in accumulation. Of course, as usual, an upward movement in price with high volume would negate all bearish signals. This does not look likely.

Mixed signals persist as a white inverted hammer was formed today with price closing the session at 61.5c. Could we be looking at a correction using time? Could Golden Agriculture\'s price be waiting for the 20dMA to catch up? We have had a series of reversal signals but none has been confirmed as price closed firmly at or above 60c, the immediate support, in the last few sessions. MFI has formed a higher high after forming higher lows. Buying momentum is positive. OBV has not declined dramatically. The situation is very dicey. Wait and see. No fresh positions and I will hold on to my remaining shares in case the price goes higher.