May 22, 2024

Bumitama Agri: Still pushing higher as per revised targets? Price 0.78

Author: Trading Impossible | Joey Choy
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About a month back, we saw Bumitama Agri attempting to break the 0.70 resistance level…

That was also where the downward sloping channel resistance was, so any move up above that price level can be a good reversal signal

Upside target was drawn towards 0.75 first as seen below..

From the moving averages, a longer term uptrend reversal still needed more confirmation,

but the short term uptrend was looking quite bullish with it trying to find a new high and with 20 day MA reversing up, crossing above the longer term MAs fast..

See below chart what was seen then..

Over the next few weeks, we started to see it pushing higher toward our first target that was finally hit at 0.75.

Some profit taking set in which is normal given the 6% gain in a few days..

Upside target was reiterated again towards 0.85 if we do see more bullish actions above this critical price level from 0.75 – 0.76…

See below target..

Trend indicators were still looking favorable though some consolidation expected after the run…

Fast forward to today,

We managed to see some consolidation as mentioned below 0.76 over the past 2 weeks..

Sellers seems to be defending this level and buyers were just not ready to take it up further..

Target as drawn previously was still intact as seen above and just waiting for the move…

Today, FINALLY, we managed to see some bullish price actions returning, with a firm move above the 0.76 level..

See below chart where we are today now…

Some short term upside still good to go where we may attempt to break the 0.80 level to push towards 0.85 as per target..

Watching…

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