WIKA trade ideas
PT.Wijaya Karya (PERSERO),Tbk - Short The Bounce,Long The TrendHello Guys,
i'm back again,i'll describe you guys about the $WIKA indonesian stock movement in further days. as you can see in above chart, i make a possibility movement using moving average expotentional (EMA) indicators setup. in recent days,a lot of red candles there & if you see that red & purple EMA was crossing too which basically tell us if there will much possibility more bearish movement in the further days. but today candle marked with 2,36% gain was a good sign for a little bounce (bounced at 100-EMA support) toward previous resistance,so i'm gonna short it!.
if we can hold & marching from 0.236 resistance,then there is a big chance we can test the rally again to Rp. 1971 area. but if that bounce that i'm shorting is just a 'dead cat bounce' (bigger possibility in my assumption), then we gonna fall again to the next support that i draw on the chart in 0.618 fibonacci retracement golden ratio line which is refer to below around 30 Rsi area too.
even the EMA 200 below & was crossing the 100-EMA (a trend reversal),i don't expect we can continue the rally because the Rsi was too fckin oversold & drown below 40 level.
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