Golden Agri

Business: involved in cultivating, processing and sale of crude palm oil (CPO) and related products.

Technicals:



A quick look at Golden agri's chart. The price peaked at $1.08 in Feb 2008. When the financial crisis hit, the price dropped to a low of $0.13 in Oct 2008. After that, it has been steadily on an uptrend, peaking at $0.655 in Jan 2010, and then consolidating sideways when fears of a double dip rose. The price tested $0.62 on three previous occasions, but each time, it failed to breakout of that price. It is testing $0.62 again today.

If it breaks out of $0.62, my upside target would be $0.62 + ($0.62 - $0.50) = $0.74. ($0.50 being the previous swing low).

STI finally broke this year's high

Good morning! It has been a long time since my last entry. The STI finally made a new yearly high last Monday. Above is a weekly chart of the STI. The STI has been largely range bound between the 50% and 61.8% Fibbonacci levels since Nov 2009, with support at 2700 and resistance at slightly above 3000. More importantly, the STI has been trading above its 200day moving average since Jun 2009 and above its 50day moving average since Apr 2009. So the major trend for the STI is up. First major resistance is at its previous high of 3258 and thereafter at the 76.8% fibbonnaci retracement at 3400. Major support is around the 61.8% fibbo retracement level at 3000 pts.

update on STI

I decided to change the presentation of my charts with the intent of keeping things simple. Above is a daily candlestick chart of the STI showing only the daily volume and a 200-day and a 50-day moving average. The 200-day and 50-day moving average shows the longer term and shorter term trend respectively.

My comments on the STI follows:

We had a minor correction from Apr 10 to late May 10 when the index dropped from 3016 to 2650. It has since rebounded and now appears to be settling above the 50-day moving average. The longer term trend, as shown by the 200-day moving average is still up. Shorter term trend is also up.

update on STI

Good afternoon, here is a short comment on the STI. Trading volume over the past 4 weeks has been anemic. Middle term trend of the STI, as shown by the moving average line, is now flat. Momentum, as shown by the MACD line, is still down.

So what we have is still a mixed picture. I guess it would be prudent to wait till some trend emerges from this muddled picture.

update on STI

Hi there! Just a quick update on the STI. Above is a weekly chart of the STI. Momentum of the STI is still down as shown by the MACD. The trend, shown by the moving average line, is now down, with the STI unable to close above this line over the past 4 weeks. Support is still at the 50% Fibonacci retracement at 2695.

view of the STI

Good morning, it has been a long time since my last update - my apologies. Some quick comments from me about the STI.

Above is the weekly chart, which should give us an idea of the longer term view of the market. Momentum of the STI, as shown by MACD, has been weakening since Oct 2009. So even though the STI has been making making higher highs in Dec 2009 and in Mar 2010, the MACD has been making lower highs. This is a sign of a bearish divergence. However, the trend was still up as the index has generally stayed above its moving average. However, the index closed below its moving average (MA) three weeks ago, and it appears that the trend has turned down. I think the longer term key number to watch would be the 50% fibonacci retracement of about 2700. A close below that number would be extremely negative.



Above is a daily chart of the STI. The short term down trend is very pronounced here. The previous intraday low about nine days ago was 2775. Yesterday's close was 2774. I think if the STI goes below 2770, it is likely to head towards 2700 as i see no further support levels.

update on STI

Hi there. The market is getting pretty volatile, so i thought that i should take a step back and have a look at the longer term trend of the STI.

Above is a weekly candlestick chart of the STI with the Fibonacci retracements drawn in. The STI has been on a steady uptrend since it cut the moving average line sometime in late March 2009; and the STI is still on an uptrend. It only crossed briefly below its moving average line in late January 2010. It crossed back above its moving average in mid Mar 2010.

The STI broke through the 50% Fibonnacci sometime in Oct 2009 and has been trading above it since. It managed to break through the 61.8% (2977) last week, but it has fallen back down slightly. As i write this, the STI is slightly above the 2977 mark, but i guess the STI needs to break the psychological 3000 mark for people to turn bullish.

I would say the uptrend in the STI is still intact and would recommend to buy STI blue chip companies on dips.