Indofood Agri 231208

Another counter that failed to break out of its double-bottom neckline. Indofood Agri traded more or less sideways after failing to break the 0.575 neckline (red ...) on 11 dec. Indofood Agri also finally broke the 0.505 support (blue ...) and uptrend support (low blue), and closed right on the 0.490 support (pink ...).

If Indofood Agri fails to hold onto its 0.490 support, we could see it weaken further to test the 0.470 support (green --). And if that support also breaks, we could see Indofood Agri retreating all the way to the 0.445 support (blue --).

Any rebound would be limited to the 0.525 resistance (red --) as we can see from the chart that the short-term (upp red) and long term (upp pink) downtrend resistances meet there.


For tomorrow :

Support @ 0.490 (upp pink, pink ...), 0.470 (green --), 0.460 (green ...), 0.450 (low red), 0.445 (blue --), 0.420 (pink --)

Resistance @ 0.505 (upp red, blue ...), 0.515 (low blue), 0.525 (red --), 0.535 (upp blue), 0.545