Trade active:
FCPO has completed its technical rebound from the previous down trend and now is the time to look for reversal pattern for short position. Thanks you Maybank IB for providing some "reports" that the market will continue upwards from here on, it provided a beautiful chance to short at the highest possible point while keeping a very very safe Stop Loss.
The target for this next down trend is 3047
The target for this next down trend is 3047
Comment:
This down trend continuation we can see that the reversal is following the same pattern in the previous 2 reversal down. Towards the end of the up trend, it will gap up and then start to fall slowly. The late bulls will try to rush in again thinking it is a small retrace, but after they enter the market moves down very fast to cover the gap then rebound slightly and continue moving down, completing the reversal cycle.