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Indofood Agri: Rebounding.

Wednesday, June 1, 2011

Indofood Agri Resources assured investors that PT SIMP’s listing will not dilute its earnings as much as analysts had feared. So, is this a good time to go picking up some shares of the company?


A long white candle was formed on the back of high volume today as price broke resistance at $1.69 to close higher at $1.71. The MFI and RSI have been spotting a positive divergence with its declining share price and we could see the rebound in price test the next resistance at $1.78.

This counter's downtrend is still very much intact and if I were to go long here, I would choose to do so as close to the immediate support of $1.69 as possible. I would also watch the declining 20dMA and the trendline resistance as possible price targets for divestment. Good luck to all involved.


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