Thursday, September 12, 2013

******** Broke out from Ascending Triangle: Indo Agri. Share price at 0.835. (Must cross 0.85 for more upside)

Indo Agri has staged a breakout above the immediate 0.82 resistance which it has consolidated below for about 3 weeks and where a slight Ascending Triangle Pattern formation has emerged. Possible to see it test the next resistance at 0.85 before more upside. As long as 0.82 holds as support for now, we are Short term bullish to 0.85. As break above 0.85 can pave the way to 0.900 fast. Note that it has also broken above the 20 DAY MA (Green line) 3 days back and managed to stay above strongly signaling short term change to upward direction. A trade for a potential rebound, something like Noble Group posted this morning !
Stop loss at 0.81

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