IndoAgri: Don’t Catch the Falling Knife!
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: Forming a Right Shoulder?
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.
IndoAgriculture: Breaking Out Soon?
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!
