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 10, 2009

Indofood Agri 100309

Indofood Agri burst into life today with volume that was more than 4 times yesterday's. Buy ups outnumbered selldowns by about 2 to 1. Indofood Agri also broke the long term downtrend resistance (upp red) and the 0.525 neckline (red --).

I have included a short term downtrend channel (pink). As you can see Indofood Agri tested the 0.545 neckline (pink --) today, which was not far from where the downtrend resistance (mid pink) is.

If Indofood Agri manages to trade above the 0.525 neckline (red --), we could see it test the 0.565 neckline (green --) soon.

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For tomorrow :

Support @ 0.545 (pink --), 0.535 (upp green), 0.525 (low pink, red --), .511 (upp red), 0.507 (mid green), 0505 (pink ...), 0.495 (green ...)

Resistance @ 0.545 (pink --), 0.558 (mid pink), 0.565 (green --), 0.575 (red ...)
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