Indofood Agri: Rebounding.

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.

Indofood Agri up after it downplays unit’s IPO.

Indofood Agri said its earnings per share in 2010 will be 835 rupiah ($0.12) after the IPO, down from 974 rupiah previously. However, its net asset value per shares after the listing would rise to 7,843 rupiah from 7,605 rupiah.

Wednesday, 01 June 2011

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