EIDO: Double Top, Will It be The Starting Point of Bear Market?

AMEX:EIDO   iShares MSCI Indonesia ETF
EIDO is an Indonesia Exchange Traded Fund ( ETF ) consisting of 43.13% Financial, 12.70% Communication, 11.46% Basic Material, 9.75% Consumer Defensive, and 7.04% Energy sectors as their top 5 holdings. Most of the holdings are big caps stocks, for example, BBCA, BBRI, ASII, ADRO, CPIN, KLBF, and UNVR. Thus, We may correlate/use EIDO for analyzing the potential bearish/bullish/sideways of their stock holding.

From Technical Perspective, EIDO had broken out of the Double Top Neckline Area which meant a potential downward movement ahead. The momentum indicator created a death cross, signifying a probability of downward pressure.

*All the explanations are presented on the chart*

The roadmap will be invalid after reaching the target/ resistance area.

"Disclaimer: The outlook is only for educational purposes, not a recommendation to put Long or Short Position on the EIDO"
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