BBCA Downtrend to 27500
Updated
Due to Massive Social Distancing (PSBB) announced by Jakarta Governor last Thursday, most of the stocks in Indonesia goes down, which is reflected in the 
COMPOSITE. It brings a strong downtrend for 
BBCA as analyzed using parallel channel.
Right now, I am expectingBBCA to go down reaching 27500, fibonacci retracement 50%. It might reach 26000 (61.8% fib retracement) when it breaks the uptrend parallel channel from 1st PSBB. The RSI is also showing a downtrend with the current value below 50.
On the other hand, there is a 99% possibility that Indonesia will have recession in the next two weeks. When the data is announced, then it may bring more negative sentiment to the market. Be prepared for the worst. Averaging down would be the best option when there is any existing opening position at top.
Cheers.
COMPOSITE. It brings a strong downtrend for BBCA as analyzed using parallel channel.Right now, I am expecting
BBCA to go down reaching 27500, fibonacci retracement 50%. It might reach 26000 (61.8% fib retracement) when it breaks the uptrend parallel channel from 1st PSBB. The RSI is also showing a downtrend with the current value below 50.On the other hand, there is a 99% possibility that Indonesia will have recession in the next two weeks. When the data is announced, then it may bring more negative sentiment to the market. Be prepared for the worst. Averaging down would be the best option when there is any existing opening position at top.
Cheers.
Trade closed: target reached
Downtrend target 27500 achived.If you like my idea, then please click Like button and Donate. It would encourage me to post more ideas.
Cheers.
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