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5 years ago
CORRECTED-(July 23)-MIDCAP-Indonesia's Charoen Pokphand could see more falls-technicals
July 25, 2012 / 7:17 AM / 5 years ago

CORRECTED-(July 23)-MIDCAP-Indonesia's Charoen Pokphand could see more falls-technicals

(In July 23 story, corrects currency to rupiah in third paragraph)

* For a technical outlook: link.reuters.com/faq59s Shares of Indonesia's Charoen Pokphand, which are down more than 4 percent on Monday, could fall further, technical charts suggest.

The stock has cut below its 50-day exponential moving average, which is a negative sign.

It has broken a support at 3,005 rupiah levels, a 38.2 percent Fibonacci retracement level of the rise from 2,325 rupiah to 3,426 rupiah.

The Relative strength Index is at its 14-day low, which is bearish.

The stock is down marginally over the past month, while the broader index is up 3.5 percent for the same period, based on Friday's close. (Reporting By Patturaja Murugaboopathy; Editing by Sunil Nair)

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