Golden Agriculture had another high volume white candle day but price could not close above the declining 100dMA and a long upper wick was formed in the process. This is the second time in the last few sessions which saw the 100dMA broken but, ultimately, remains the resistance to watch.
Could we see price moving higher in the next session, overcoming resistance provided by the declining 100dMA? We could. Could we see price being pushed lower in the next session and perhaps retest supports? We could.
Huh? What am I saying? The usual and that is TA is about probabilities and not certainties. At this moment, the odds are 50-50 that it could go either way.
What have I done? Seeing strong resistance at 71c, the last high, I did a partial divestment today at 70.5c. If price were to weaken from here to retest supports, I would buy …