Technical Pulse: Indofood Agri Ltd March 20, 2017 26
Indofood Agri Ltd – Daily timeframe (Update from 20 January 17)
Current Sentiment: Bullish
Support 1: 0.515 Resistance 1: 0.580
Support 2: 0.500 Resistance 2: 0.595
Due to the lack of bullish follow through after the last update, price went further into the correction. However, the uptrend is still being kept alive by the strong support off the confluence of 200 day moving average, 50% Fibonacci retracement level and 0.515 support area.
In addition, buyers managed to break above the 0.535 range high on 17/03/17 with increasing volume signals some underlying strength building up in the background.
Expect price to resume the uptrend next to test the 0.580 resistance area followed by 0.595.
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Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.