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"
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.