- Since the Oct ’08 low was reached, Indo Agri has been trading within a 4.5-month uptrend channel. Although a technical correction could happen soon after its recent rally, we still expect Indo Agri to extend its recovery to test the top channel line again in the medium term.
- Over the last 2.5 months, OBV has indicated a positive divergence to the price action, providing a strong indication of more upside to come. The MACD indicator has not only just cut upwards but has also cross the centre line, further supporting our bullish view for this counter.
- Immediate resistance has been identified at $0.64 (recent peaks), followed by $0.72 (top channel line)
- Immediate support is likely to be at $0.535 (recent resistance-turned support), followed by $0.455 (recent low and lower channel line).
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