Economic Flash

 Indofood profits soar

PT Indofood Sukses Makmur Tbk recorded a first quarter consolidated net sales in 2010 amounted to Rp.9, 31 trillion. Grew 4.8 percent compared to same period in 2009. The increase was mainly triggered an increase in sales of consumer branded products. In the first quarter, the company achieved net income of Rp.631, 9 billion, soaring 472.1 percent from the same period in 2009. "We are excited to begin this year with good performance," said President and Chief Executive Officer of Indofood Anthoni Salim, in jakarta. The main contributor to this increase of the Consumer Branded Products Group, consisting of the division of instant noodles, dairy, food flavoring, snack food and nutrition, and special food.

Stocks Indofood with Indf code where resistance (Peak) at 2850 levels, and Support (Trough) in the level of 3775, this share price movements tend to side way and was forming cup and handle pattern that has not been perfect, resistance (peak) have successfully penetrated the closing price Friday yesterday (04/30/2010). Entry points are located at the level of stock in 2875 until 2925 and prices have to rise to the probability at the level of 4250 and prices will go back again because there is resistance corrected Major (This is a strong resistance where price is not easy to penetrate)