JAKARTA – A technical analysis from PT Ina Sekuritas Indonesia provides an outlook on the movement of PT Indofood Sukses Makmur Tbk (INDF) shares as of Thursday (20/2).
Technically, the candle appears to have broken through the golden ratio of the 0.618 retracement level. This indicates that INDF shares have reached the reversal point, with the potential to continue their bullish trend. Additionally, increased consumption during the Ramadan period offers positive sentiment, further signalling strength in this stock.
INDF operates in the food and beverage sector, as well as manufacturing and agribusiness.
The technical analysis of INDF shares can be viewed in this video. (DK/ZH)
Chart: Bloomberg