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Bumitama Agri – latest IPO

I got a few emails asking me to do technical analysis on Bumitama. Unfortunately I look and look but the chart still looks the same.

One has to understand the limitation of IPO counter: It does not have any historical data. But based on candlestick, it is black, in other words, it is not that bullish. For a counter to be bullish, you prefer it to be white candle, and if it can closed near the day high, that would be great. Neither characteristic is seen in Bumitama. If one still really want to trade, then you can draw the resistance line at today’s high and watch to see if this breaks tomorrow.

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