NB: DO MIND that These analyses i posted here are intended as my notes and not as investment recommendations or as financial advice! Please also note that you are always responsible for your own investments when trading on the stock exchange! The analyses are only based on my opinion and view. LETS CUANN!!!
Jakarta composite index is having a hard time to break the strong resistance with overheating RSI.
This is what unsustainable price appreciation looks like.
Prepare for a crash.
I will close all my position if the price breaks the red parabolic support.
DISC: I don't have any investment in this market
Looking at today's transaction sure make us less stressful regarding this Bear signal. Using DATA SAHAM INDONESIA apps, we can see that today's COMPOSITE accumulation as well as NET foreign Buy are quite massive. So, i sure hope that this Reguler bear can be cancelled out. Well, we can only see what tomorrow brings.
NB: These analyses are not intended as...
I expect this move to happen
1. 6330 is a crucial level as it demonstrates previous resistance confluent with fibonacci 2.618
2. supply zone might be a bit higher (red box)
3. Failure swing top (making Head n shoulder)
4. Sell in may and go away
5. Pullback to previous high (5300)
LETS see if today JKSE could break the correction channel to continue its wave 5.
NB: These analyses are not intended as investment recommendations! Please also note that you are always responsible for your own investments when trading on the stock exchange! The analyses are only based on my opinion and view.
Disclaimer on i'm not financial advisor.
composite likely go to 5800 for a retracement after bull run, it projected using elliot wave. For the target there is some gap around 5800 that not closed yet (it can close or will never be close) for the target.
i expect wave 4 to end when it touch at least @ around 58xx something as written in the chart. Let see!!
ALSO look and zoom @ RSI indicator. it looks like RSI is looking for support @50-53 something2.
