Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Tuesday, August 5, 2008

Indofood Agri 050808

Indofood Agri broke the uptrend support (low blue) and also the 1.74 neckline yesterday (4 aug). It also gapped down and tested the downtrend support (low pink). As discussed on 25 jul, we could see Indofood Agri retreating all the way till the 1.20 price levels (which is about 1.74 - 0.52).

However, it would most probably not be a straight plunge downwards. We could see Indofood Agri trade sideways first, or making a gradual downward trend towards the 1.20 price levels.

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For tomorrow :

Support @ 1.43 (low red), 1.42 (pink --), 1.403 (low pink)
Resistance @ 1.585 (mid pink), 1.65 (mid red), 1.70 (upp pink, blue), 1.74, 1.76 (green --)
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