After long time I haven't given any analysis, today I will start to give you guys some analysis.
The analysis still with the Jakarta Stock Exchange chart, which is quite complicated after today's closing.
Based on the technical analysis, the JKSE should have been quite oversold, whereas the index is expected to be down. In JKSE chart, it shown that the short term pattern is forming a symmetrical triangle, where for a mid-term it might form 3 possible pattern, such as Rounding Top (increasing price with declining volume), Head & Shoulder & Inverted H&S.
Here's the target for those 3 possible pattern:
1. Rounding Top: TP: 2250-2280
2. Long term H&S : TP: 2007.64-2050
3. Short Term Inverted H&S: TP: 3120-3140
The other indicator showing that the possibility of down movement is from Oscillator which are oversold, the price is increasing but the volume is decreasing. The other is shown by the symmetrical triangle that today's breakout has no volume or lower, yet the candle is forming an inverted hammer which is a top reversal pattern candle.
Happy Investing^^
Disclaimer ON!!!
