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.

Tuesday, March 3, 2009

Indofood Agri 030309

Indofood Agri opened low and closed high, almost engulfing yesterday. In candlestick, it's called Bullish Engulfing. Since Indofood Agri has been on the downtrend, this could signal an impending trend reversal.

In order to confirm the trend reversal, we would need a white candlestick tomorrow. Ideally, Indofood Agri gapping up and closing higher. This would give us another bullish pattern called the Three Outside Up, which is a stronger indicator of a trend reversal compared to the Bullish Engulfing.

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For tomorrow :

Support @ 0.495 (green ...), 0.490 (mid green), 0.470 (lightblue --), 0.460 (low red, blue ...), 0.450 (low green)

Resistance @ 0.505 (pink ...), 0.510 (upp green), 0.525 (red --), 0.535 (upp red), 0.545 (pink --), 0.565 (green --)
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