The phrase "it may indicate" is a correct and usable phrase in written English. You can use it whenever you are suggesting that something could be a sign of a particular fact or condition. For example, "The increase in sales could indicate that the company is doing well.".
It may indicate a trend.
It may indicate devotion, contemplation, or the presence of God.
Others say it may indicate increased polling among India's 150 million Muslims, generally supportive of Congress.
Or it may indicate that the changing climate is disrupting their feeding habits – with unknown consequences.
When good teachers bail out, it may indicate a lack of leadership.
It may indicate misplaced moral priorities, but it's not frivolous or silly.
If she says she just wasn't hungry, contact the school: it may indicate something worrying – but it may not.
Being a terminologist, I care about word choice. Ludwig simply helps me pick the best words for any translation. Five stars!
Maria Pia Montoro
Terminologist and Q/A Analyst @ Translation Centre for the Bodies of the European Union