Bumitama Agri (P8Z) Short Term Idea

Bumitama Agri (P8Z)

Support: $0.77
Entry: $0.785
Resistance: $0.835
2nd Resistance/2nd Target: $0.865

My Preferred Range Trade: $0.785 – $0.835
Time Frame: 2 weeks – 1 month

Comments: 2 good signals. Stochastic crossover below 20%, good signal. Possibility of MACD Histogram value above equilibrium line soon? Signal line crossover.

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Bumitama Agri 17 June 2014

After reaching the all time high of $1.29, the counter pulled back slightly. Overall, it is trading upwards from March till this day, as observed from the 50 days and 200 days Moving Averages. However, do note that the 20 days Moving Average may head down. Look out for possibilities of bullish MACD crossover and bullish divergence. With increasing volume,  it could test the resistance break at $1.245  The support can be found at $1.14.

Bumitama Agri