Can it stay above the 0.500 support now? Volume building…
Sent: Thursday, March 10, 2016 10:52 AM
Subject: *************** Indofood Agri: Potential breakout above 0.500.... more short term upside above, price 0.49
Subject: *************** Indofood Agri: Potential breakout above 0.500.... more short term upside above, price 0.49
Indofood Agri has traded below the 0.500 resistance level since December and it now nearing this level again. We can still see some selling pressure as it nears it with CFD sell possible to ride any retracement back to 0.42 like we have seen. However, note that we are also watching the potential move above the key 0.50 psychological resistance level. Any form move above of course with the right volume, we may consider taking a short term bullish view with target to 0.55 then 0.64. At current levels, it is also at the 100 day MA so any firm move above can also mean a reversal on the cards in the mid to long term. Watching.
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