Indofood Agri 130309

What a run for Indofood Agri ever since hitting a low of 0.450 on 3 mar. However, I feel that Indofood Agri's great run has hit its peak as volume is drying up.

If you can read my analysis on 10 mar, I added a short term downtrend channel (pink) and Indofood Agri hit the short term downtrend resistance (upp pink) before closing just below it. This could also be an indication that the trend for Indofood Agri is turning.

Immediate support for Indofood Agri would be the 0.575 support (red ...). If Indofood Agri can hold onto this support, we could see it build a base and attempt to test the 0.605 resistance (green ...).

However, if Indofood Agri breaks the 0.575 support (red ...), I believe its drop would be as swift as it did in the 2nd half of feb.


For monday :

Support @ 0.575 (red ...), 0.5677 (mid pink, mid green), 0.565 (green --), 0.560 (mid blue), 0.548 (low red), 0.545 (pink --), 0.535 (lightblue --), 0.525 (low blue, red --), 0.520 (low pink), 0.505 (pink ...)

Resistance @ 0.595 (upp red, upp pink), 0.605 (upp blue, upp green, green ...), 0.615 (blue --), 0.640 (blue ...)