Shares of Agis which are down more than 2 percent on Tuesday could fall further, technical charts suggest.
The Money Flow Index indicator shows a bearish divergence as the indicator has made lower highs, though the stock price has made higher highs. This suggests the price rise is not accompanied by strong volume.
The Trend Intensity indicator stood at 53 on Tuesday. A reading above 40 is considered a trend mature zone.
The RSI is in the overbought zone, at 72.
The stock is up nearly 30 percent over the past month, while the broader index is up 2.8 percent for the same period, as of Friday’s close. The Indonesian market was closed on Monday. (Reporting By Patturaja Murugaboopathy; Editing by Sunil Nair)