Indofood Agri 250708

Indofood Agri almost tested the 22 jan low of 1.70 as it continues to trade within the downtrend channel (red). Indofood Agri also couldn't hold onto its 1.81 support (red --), breaking it today, and almost testing the downtrend support (low red).

You can see from the chart that Indofood Agri acutally formed multiple tops - starting from 16 apr (2.72) to 24 jun (2.82). The support neckline looks to be 2.26 as Indofood Agri broke out from that level on 11 apr.

This gives us a difference (2.82 - 2.26) of 52 cents. Again, taking the difference (2.26 - 0.52) gives us a value of 1.74, which coincidentally is the low for today, and also the lowest level Indofood Agri has hit since the 22 jan low.

What this means is that 1.74 could be a crucial support for Indofood Agri, and it could be hitting the bottom already.

However, if Indofood Agri breaks this support as well, we could see it retreating all the way to the 1.20 to 1.30 level, which is where it broke out previously in Oct 2007.



For monday :

Support @ 1.76 (green --), 1.74 (neckline support), 1.72 (low red), 1.70 (22 jan low)
Resistance @ 1.78 (blue --), 1.81 (red --), 1.85 (pink ...), 1.89 (mid red), 1.92 (pink --), 2.04 (green ...)