MIDCAP-Indonesia AKR Corporindo technicals suggest more downside

Thu Aug 2, 2012 6:06am EDT

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* For a technical outlook: link.reuters.com/quq79s Shares of AKR Corporindo, which are down 2 percent on Thursday, could fall further, technical charts suggest.

The stock has formed a descending triangle pattern and has cut the horizontal support line downwards. The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern.

The MACD is bearish as it is trading below the signal line.

The stock price is just a tad above the 200-day exponential moving average, and a downward break is bearish.

The stock is down 2.77 percent over the past month, while the broader index is up 2.5 percent for the same period. (Reporting by Patturaja Murugaboopathy; Editing by Sunil Nair)