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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.

Sunday, August 24, 2008

Indofood Agri 220808

Indofood Agri softened before it could hit the 1.40 level. It managed to find support around the 1.15 - 1.16 level, which it hit on 13 aug. Indofood Agri broke the downtrend resistance (upp pink) today.

As discussed previously, we would need Indofood Agri to break the 1.42 resistance (pink --) before we can confirm it has formed a double-bottom.

For next week, we may see Indofood Agri trading between the uptrend support (low blue) and uptrend resistance (upp blue) as it tries to form a base, with 1.27 (green ...) looking to be the short-term resistance.

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For monday :

Support @ 1.17 (upp pink), 1.15 (low blue), 1.017 (mid pink)
Resistance @ 1.27 (green ...), 1.30 (upp blue), 1.38 (low red), 1.42 (pink --)
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