A Potential Reversal for $GDST?IDX:GDST has been bearish since the late of May 2021 after reached their highest price in 2021 at IDR 135/share as they experienced a bullish trend following the issuance of Q1 reports which booked IDR 6 billion of net income after having a huge loss of IDR 108 billion at Q1 of last year. But, now we are seeing a potential reversal on IDX:GDST as they managed to break out the descending triangle pattern of bearish by having a bounce from the strongest support line at IDR 95/share.
Moreover, the potential reversal of IDX:GDST also appears to be confirmed by the crossover on MACD and the stochastic which also started to move away from the oversold area.
However, the question to be asked is, at what point is the peak of IDX:GDST can be reached on this potential reversal? IDX:GDST has demonstrated a bouncing from the fibonacci retracement level of 0.786 at IDR 102/share, and now are looking for a test to break the strong fibonacci retracement level of 0.618 at IDR 108/share and if they managed to close at that level it is a good confirmation of IDX:GDST to continue the bullish and to test another 4 fibonacci retracement level before they can reached their highest price in 2021 at IDR 135/share. But, I prefer to set a lower target price that is after they reach the fibonacci retracement level of 0.236 or at the range of IDR 122-130/share considering the performance of IDX:COMPOSITE which now experienced a sideways, except if there is a good sentiment for IDX:GDST , either from the market or the company itself, which still awaits for the Q2 reports.
