Indofood Agri 200209

Indofoor Agri formed a double top on 7 jan and 10 feb. The neckline for this double top could be at 0.575 (red ...). What this means is that we could potentially see Indofood Agri a low of (0.670 - 0.570 = 0.10) 0.470 (lightblue --), which is where Indofood Agri broke out on 9 dec.

Indofood Agri broke the 0.575 neckline on 17 feb, and you can see it's fall was fast. Within 3 days, Indofood Agri hit the 0.525 support (red --). If this support breaks, the next support for Indofood Agri would be at 0.505 (pink ...) which is quite strong, based on the volume support bar.

However, if the 0.505 support breaks as well, I believe the fall would be swift and we would probably see Indofood Agri test the 0.470 (lightblue--) bottom within days.

Any rebound would probably be limited to the 0.560 level, which is where the uptrend support (low green) meets the downtrend resistance (upp red).


For monday :

Support @ 0.515, 0.505 (low red, pink ...), 0.495 (green ...), 0.470 (lightblue --)
Resistance @ 0.545 (pink --), 0.550 (low green), 0.565 (green --), 0.575 (red ...), 0.580 (upp red)