Follow up on last IndoAgri stock analysis and IndoAgri seems that finding a support at this $1.665 level.
Things to watch out to confirm whether IndoAgri has found the bottom:
Current level is still not a right level to long the stock yet.
IndoAgri had a gap down and broke 2 supports at $1.968 and $1.80, after releasing the IPO Listing News. The next support is $1.665. Don’t catch the falling knife until the knife hits floor first!
IndoAgri has a false right shoulder formation in the last analysis and did not breakout from a Inverted Head and Shoulders. Current chart looks like IndoAgri may be forming a Right Shoulder again, or a Double Bottoms with the support at $2.133. The critical resistance is at about $2.30 which is the 38.2% Fibonacci Retracement and also the 50D MA. Breaking this resistance may send IndoAgri stock price to minimum $2.54. Both Inverted Head and Shoulders & Double Bottoms chart patterns are Trend Reversal Bullish Patterns.
