Indo Agri’s down trend is confirmed after showing a “Lower High, Lower Low” chart pattern. In addition, Indo Agriculture is trading below 20D, 50D and 200D MA. 20D MA has also crossed down 200D MA which is a bearish trend. Next support is $2.14.
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.
IndoAgri is forming a Rising Wedge and is going to test the 4 in 1 support level at about $2.75. These 4 in 1 supports are 20D MA, 50D MA, Rising Wedge support and 78.6% Fibonacci Retracement Level. Breaking down from this Rising Wedge chart pattern will send Indo Agri stock price to about $2.30. Rising Wedge in an uptrend is a trend reversal chart pattern.
