May30-Jun3, TA for IndoAgr

June 2-3, TA for IndoAgr

To supplement the previous blog, the new support is 1.63 and 2 white soldier candlestick is forming with above average volume support. 

May 30-Jun3, TA for IndoAgr,

• Trend - Down 
• Momentum - Oversold
• Resistance - 1.71
• Classical Historical Support 1 - 1.65
• Classical Historical Support 2 - 1.56
• Chart Pattern - A possible formation of 'Flag Down', indicates a possible 1.45 level to test. 
• Candlestick - Inverted Hammer - Possible a slight pullback.

From TA Indicators, all signal strong bearish and a possible Flag down formation. 1.45 level seems to be quite aligned with Analysts Fair Valuation after the PT Indofood IPO pricing. If you are thinking it is cheap to enter, it might goes cheaper.