IHSG is currently bullish after breaking out the 22 July 2021 long resistance and further pushing up the daily resistance line of 6155
It will be an interesting week to see whether the jump was but a bull trap or a true bullish push. In order to maintain its bullish position, IHSG must stay above 6155 support line (which now also shows as 4hr timeline Fibo 0.382).
Breaking that strong support line means IHSG must battle the next ongoing support line which previously formed the ascending triangle.
Should IHSG is able to continue its path above 6155 for the next week, a stronger bullish pattern will be guaranteed. Likewise however, should 6155 is broken, the bear will be back in control, and it will be a harder fight as ongoing diagonal support gets narrower.
I hope my idea will help you gauge and prepare better ahead for the next week.
Should you have different idea or perhaps agree with my prediction, please kindly share your thoughts as I would like to hear them so we can learn better together.
Thanks for your visit and have a great weekend
It will be an interesting week to see whether the jump was but a bull trap or a true bullish push. In order to maintain its bullish position, IHSG must stay above 6155 support line (which now also shows as 4hr timeline Fibo 0.382).
Breaking that strong support line means IHSG must battle the next ongoing support line which previously formed the ascending triangle.
Should IHSG is able to continue its path above 6155 for the next week, a stronger bullish pattern will be guaranteed. Likewise however, should 6155 is broken, the bear will be back in control, and it will be a harder fight as ongoing diagonal support gets narrower.
I hope my idea will help you gauge and prepare better ahead for the next week.
Should you have different idea or perhaps agree with my prediction, please kindly share your thoughts as I would like to hear them so we can learn better together.
Thanks for your visit and have a great weekend