September 17, 2012 / 7:08 AM / 5 years ago

MIDCAP-Indonesia's Indo Tambangraya could see rise more-technicals

* For a technical chart: link.reuters.com/wax62t

Shares of Indo Tambangraya Megah, which are up more than 5 percent over the past month, could rise further, technical charts suggest.

The stock has cut above the 200-day exponential moving average, a positive sign.

Trend Intensity, a proprietary Thomson Reuters technical indicator, suggests a new uptrend for Indo Tambangraya shares. The indicator made higher lows and advanced to 20 on Monday.

A low level of Trend Intensity in the 10s indicates a sideways market until a series of higher lows form and signal the potential formation of a new trend.

The MACD is bullish as it is trading above the signal line.

The stock was up 3.37 percent over the past week, while the sector index was up 9 percent, based on Friday’s close. (Reporting By Patturaja Murugaboopathy; Editing by Sunil Nair)

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