Hi there. This is what I have found for Utilities Index Bursa Malaysia.
Apparently, from the longer term TF indicates the price is moving in the sideways direction.
1. On the left chart (Medium Term), what i found is the bearish butterfly pattern which told us the reversal sign of pattern might be happening once reached the fibo extension level of 127%
2. On the right chart (Shorter Term), the pattern named... Bearish crab pattern which also indicates the sign of bearish signal at fibo extension of 167%
A part from that, we can maybe visualize a lil bit that in order the price needs to reverse on the point stated, it must move upwards before doing the reversal.
Well as usual, this is a study of probability. Please take a good care of your trading plan before making any decision.
Trade at your own risk. All the best traders !
Apparently, from the longer term TF indicates the price is moving in the sideways direction.
1. On the left chart (Medium Term), what i found is the bearish butterfly pattern which told us the reversal sign of pattern might be happening once reached the fibo extension level of 127%
2. On the right chart (Shorter Term), the pattern named... Bearish crab pattern which also indicates the sign of bearish signal at fibo extension of 167%
A part from that, we can maybe visualize a lil bit that in order the price needs to reverse on the point stated, it must move upwards before doing the reversal.
Well as usual, this is a study of probability. Please take a good care of your trading plan before making any decision.
Trade at your own risk. All the best traders !