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MIDCAP-Singapore's Indofood Agri could rise further-technicals
September 17, 2012 / 5:58 AM / 5 years ago

MIDCAP-Singapore's Indofood Agri could rise further-technicals

* For a technical chart: link.reuters.com/gax62t

Shares of Indofood Agri Resources, which saw a sharp rise last week, could gain further, technical charts suggest.

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

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

Trend intensity, a proprietary Thomson Reuters technical indicator, suggests a new uptrend for shares in the agribusiness company. The indicator made higher lows and advanced to 17 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 stock was up 4.36 percent over the past week, largely in line with the sector index, based on Friday’s close. (Reporting By Patturaja Murugaboopathy; Editing by Sunil Nair)

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