Indofood Agri: CIMB as Technical Sell call. Note that prices are now testing the downtrend channel resistance at $1.45-1.50. MA’s have also proved to be a hindrance for prices since the January highs. At the moment, the indicators are still strengthening slightly but remained in weak positions. The MACD cannot seem to be able to take out the zero line while its RSI remains below the 60pts mark.
Believe that the trend is likely to continue in the near term. The stock is short now with a stop placed above the $1.50 mark. A break below $1.33 would suggest that prices are likely heading below $1.155 levels to $1.00-1.06 next.
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