Indofood Agri 051208

Although Indofood Agri managed to close above yesterday's closing price of 0.445, it also tested the uptrend support (low blue), and nearly tested the 0.430 support (red...). Volume down was less than half of yesterday's too.

As you can see from the chart, the downtrend resistance (upp red) meets the uptrend support (low blue) at 0.455, which incidentally was where Indofood Agri closed on 17 nov before tumbling to a low of 0.385 on 20 and 21 nov.

If Indofood Agri doesn't break the 0.455 level soon, we could see history repeating itself, with Indofood Agri first testing the 0.430 support (red ...).

Any break above the 0.455 level could see Indofood Agri testing the 0.470 resistance (green --) for the fourth time.

Watch the volume too.


For tuesday :

Support @ 0.455 (upp red, low blue), 0.445 (blue --), 0.430 (pink, red ...), 0.420 (pink --), 0.413 (low red), 0.410 (red --)
Resistance @ 0.455 (upp red, low blue), 0460 (green ...), 0.470 (green --), 0.490 (upp blue, pink ...)