Saturday, September 29, 2012

2 - Follow-Up Analysis on Golden Agriculture (280912)

As posted before on my first analysis, this post will be my follow up on Golden Agriculture, lets check out whether my analysis work out like what i mentioned in the previous post. For easy comparison, i have attached the chart analyzed on 240912.

Golden Agriculture (Daily) - 240912

Golden Agriculture (Daily) - 280912

On 240912, i drew two support areas, Red 1 and Red 2. If Red 1 was to be broken, Red 2 would become my support area and hence a  possibility of a rebound. Now we look at the chart on 280912, Red 1 support was truly broken and nearly traveled down to Red 2, after which it rebounded back to my Red 1 . From here, 2 opportunities in my previous post were fulfilled. The play from Support line Red 1 to Red 2 and secondly the rebound from Red 2 to Red 3. "Kaching, Kaching"

"My Conclusion"
Now the interesting part will be whats next.. well, i can only assess. Red 3 has actually turned into my resistance area. Hence i will observe whether price will break through Red 3 and if it does, the play to fair value price might be possible (Blue 1). If it doesn't, a possible play to Red 2 again. Do take note that my fair value price is also very near to EMA 200 (Orange line). My opinion, a strong resistance area if price were to trade towards this region. Again, lets observe and see how it turns out. Do stay tune on my next post! Happy Trading~

Lastly, i would like that everyone to share your thoughts. Because we are all here to learn and exchange ideas. I may have left out something which might prove crucial or there are some other indicators which may be better for the analysis. So please share!

Whatever i present here is and still is based on my analysis. It does not constitute the setup of a trade. You will have to come up with your own analysis to back your own findings. Heck, i may even be wrong too. But i always manage my risk.

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