IndoAgri has formed an Inverted Head and Shoulders and currently testing the neckline resistance at about $2.30. Previously IndoAgri had a very nice breakout from a Rising Wedge and reached the minimum breakout target price. Can IndoAgriculture have a nice breakout from this Inverted Head and Shoulders pattern and reach the minimum target price of $2.54? If yes, this IndoAgri chart pattern can be a very good teaching material of chart patterns for a Technical Analysis class!
Follow up from previous post of IndoAgri’s forming of Trend Reversal chart pattern (Rising Wedge).
IndoAgri may rebound at the 61.8% Fibonacci Support at about $2.545 before heading towards $2.30 or somewhere near 200D MA.
Where is the safe entry level? I will wait for IndoAgri to get near to the 200D MA and relook at the chart again. 200D MA is still on uptrend.
Goldean Agri has been on the down trend after breaking down from the Rising Wedge. CLICK HERE for previous post: Beware of Reversal. This reversal pattern has a minimum price target to $0.668 which is close to the 50% Fibonacci Support, followed by $0.63 which is the 200D MA support. 200D MA has proven to be a very strong support for Golden Agriculture for past few occassions. This $0.63 will be my entry point for short term trade if this stock has chance to come near to this level.
