It gives an overview in regard to Indonesia Composite Stock Exchange for September 2020.
We learned traders once had experienced a market downturn in the beginning of September, the day after Jakarta governor announced that the capital city would practice large-scale social restriction due to the increasing number of positive cases of covid-19. Market especially foreign investors responded this news by leaving the market that caused a huge drop of price. Because of this event, most of us would get affected emotionally and not be able to think clearly what the market would go.
Therefore, in this idea, the trader would simply give his overview about the market using simple analysis such as trend line, moving average line, and fibonacci to predict which area the market will consolidate. The idea is mostly inspired from the mentor of the trader which is famously known as Uncle Ben.
In this chart, we can see that scenario two (red arrow line) is most likely to happen where the market would decrease and consolidate to the nearby support area of 4,876 - 4,924, if the market breakdown from its support at 5,019.
Let's hope for the best and prepare the worst.
We learned traders once had experienced a market downturn in the beginning of September, the day after Jakarta governor announced that the capital city would practice large-scale social restriction due to the increasing number of positive cases of covid-19. Market especially foreign investors responded this news by leaving the market that caused a huge drop of price. Because of this event, most of us would get affected emotionally and not be able to think clearly what the market would go.
Therefore, in this idea, the trader would simply give his overview about the market using simple analysis such as trend line, moving average line, and fibonacci to predict which area the market will consolidate. The idea is mostly inspired from the mentor of the trader which is famously known as Uncle Ben.
In this chart, we can see that scenario two (red arrow line) is most likely to happen where the market would decrease and consolidate to the nearby support area of 4,876 - 4,924, if the market breakdown from its support at 5,019.
Let's hope for the best and prepare the worst.