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.

Sunday, October 19, 2008

Indofood Agri 171008

After the false break on 14 oct, things have now taken a turn for the worse for Indofood Agri as it has now broken the long term downtrend support (low red). Indofood Agri may have found some temporary support around the 0.410 - 0.415 band as indicated by the volume distribution bar (pink --) with about 1.5k lots done.

Big sell downs were around the 0.460 to 0.470 price band (total about 4k lots). Biggest buy up at 0.500 (1.5k lots)

The downtrend resistance (upp pink) meets the long term downtrend support (low red) at around the 0.450 level sometime next week. If Indofood Agri fails to recover above this level, we could see it weakening further, even testing the 0.300 level.

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For monday :

Support @ 0.410-0.415 (pink --), 0.320 (mid pink), 0.205 (low pink)
Resistance @ 0.455 (low red), 0.470 (upp pink), 0.485 (blue ...), 0.525 (pink ...)
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