IDX:PGAS - May 2021
Updated
PGASReversal after Reaching Double Top Target at 1150.
The Price of PGAS has been raised by 110% since Lowest Point in October 2020 to the top of "Adam" at 1895, four days before Christmas Eve 2020.
Since reaching the highest in 1895, the daily candle of PGAS forming a Double Top pattern (Adam & Eve Double Top) with the highest price for the "Eve" top is at 1880.
The neckline of 1515 became the confirmation line of this DoTop pattern. It was proven as the testing area for confirmation of the DoTop as a bearish reversal pattern.
The target of the DoTop pattern reached on 13 April 2021 at 1150; since then, the formation of the daily candles is forming a potential Ascending Triangle that might give us the probability of both downward and upward breakout.
The price needs to break out 1270 with a good volume to confirm the Ascending Triangle as a bullish reversal.
The nearest target of the reversal is at 1395 (Ascending Triangle Target)
The next target after1395 is at 1425 (retracement 0.382), Cut loss if the price is lowering to 1180, or if the risk is acceptable to 1145 (last lowest point).
Follow the next retracement (1515 0.500 Retracement and 1600 0.618 Retracement) if the price continuously builds the uptrend momentum.
1400-1480 range will be the heaviest area to break and potentially give you a sideways area before deciding the next direction.
Do not forget to place your daily stop loss.
Disclaimer is always on.
Trade at your own risk.
Trade closed: stop reached
Being dragged by IDX Composite and bad sentiment due to relegated to the small caps of MSCI. Foreign Money was going out, the settlement date on 28-May-2021.
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