This morning I entered a stock and exited with a bit loss, which I consider as a market test. After going thru a tiring day, I came home and quickly jumped to the chart & I shocked with the chart.
The analysis resulted so bad inline with the US bad condition. I saw the chart & used simple analysis which showed a quite bad picture for tomorrow and the upcoming days. Yesterday, we saw an intraday gain even only for a while before it plunged again to -115pts. Today, it showed a modest gain which I thought was a short covering action that made the index became this green and they are getting ready for another plunge for tomorrow and I don't know whether it is painted or what, but I can only talk thru the chart.
From the chart we can see that our index coincidentally fitted the two Fibonacci lines between 76.4% (up Fibo) with 38.2% (down Fibo), and it retreat a bit this afternoon from its high which is around the Fibo 50% (down Fibo).The stochastic is almost golden crossing but seems to be sticking down for the upcoming day as the bear power is still there, the selling pressure is still in the market.
Although the market showed a bit of strength today, but it seems that the retail isn't driving the market as it opened gapped up which made retail can't entered the market well today. See the chart below...
Rating: Sell On Strength; Target: 3250-3310
In conclusion, we can see that there is another 15.84% chance of another dip for this week and I expect this will end fast with a rebound next week. Weak USD, stronger IDR is our key point of fundamental that can keep our index in a bull track.
Happy Investing^^
Disclaimer ON!!!
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