Indoagri IndoAgri has a false right shoulder formation in the last analysis and did not breakout from a Inverted Head and Shoulders. Current chart looks like IndoAgri may be forming a Right Shoulder again, or a Double Bottoms with the support at $2.133. The critical resistance is at about $2.30 which is the 38.2% Fibonacci Retracement and also the 50D MA. Breaking this resistance may send IndoAgri stock price to minimum $2.54. Both Inverted Head and Shoulders & Double Bottoms chart patterns are Trend Reversal Bullish Patterns.Street has mixed views on the PT SIMP spin off, with one camp citing it as a possible share price catalyst for IFAR, and the other side cautioning that IFAR’s earnings would be diluted and that it would become an “orphaned parent” and attract a holding company discount.
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