COMPOSITE
Updated
From the given chart, it can be seen that the E.W uptrend channel(green channel) which I drew months ago and followed by a correction downtrend channel(red channel) are still relevant.
Taking a closer look at the uptrend channel, we can see that the price is riding it nicely after it touched the lower area of the channel several times. SO, this can be used as a current support area.
On the other hand, looking at the downtrend channel we can see that there was a strong resistance area that had been rejecting the price several times, but was finally broken through last week as we can see from the pic below :
The Fibonacci drawn in the chart suggest that this past two months the JKSE has been struggling between 23% area and 50% area. Once this is broken (especially 50% area) we can see more UPSIDE from JKSE. Else, we will see otherwise. Other indicators are all good, Macd is still in the squeezed period which tells us that JKSE is preparing for the big move.
To conclude, JKSE is still in the right direction and the following week will give the confirmation we need.
Taking a closer look at the uptrend channel, we can see that the price is riding it nicely after it touched the lower area of the channel several times. SO, this can be used as a current support area.
On the other hand, looking at the downtrend channel we can see that there was a strong resistance area that had been rejecting the price several times, but was finally broken through last week as we can see from the pic below :
The Fibonacci drawn in the chart suggest that this past two months the JKSE has been struggling between 23% area and 50% area. Once this is broken (especially 50% area) we can see more UPSIDE from JKSE. Else, we will see otherwise. Other indicators are all good, Macd is still in the squeezed period which tells us that JKSE is preparing for the big move.
To conclude, JKSE is still in the right direction and the following week will give the confirmation we need.
Trade closed: target reached
The first target hit,, it will be nice if the gap gets filled soon.
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