IDX: AALI - May-2021
Diupdate
AALIAstra Family in the CPO Industry
Yesterday's (04-May-2021) confirmed the reversal for the shorter downtrend line. When the candle breakout the trend line, we can use the Fibonacci Retracement to predict the target of the price by following its retracement.
I predict that the reversal of this stock is quite strong to reach the 0.500 retracements at 10450 because the commodity itself is supporting the reversal.
The price will then retrace to 0.382 retracements at 10125 before continuing the minor uptrend momentum and aim to reach the 10775 as the final target from the smaller retracement.
There are basically two scenarios that I imagined. We can use the support from the Volume Profile analysis for the pullback target.
Support from Volume Profile is the red and blue thick horizontal line.
I would love to see the shape of candle formation will be the inverted head and shoulders before the prices move higher.
By the time prices reach the target of small retracements (pink Fibonacci Retracement), the candles are broken out from the larger downtrend line to draw the 2nd retracements (bigger retracements) - colored in an orange line. I expect a slow movement due to the historical consolidation area in this section.
A yellow background marks the consolidation area. From the chart, we can see that this consolidation area is located between 0.618 to 1.000 retracements for the small Fibonacci in pink color and between 0.382 to 0.618 retracements for the larger Fibonacci in orange color.
If we combined all the predictions above, the upper resistance of the consolidation area would be the final target for the price action.
As we can see, there is a potential clustering area of the Fibonacci Retracement and Inverted Head and Shoulders target highlighted in the green color.
Don't forget that all the scenarios above are only predictions, or I might say what I love to see in the future. Cheers!
Disclaimer is always on.
Trade at your own risks.
Trading ditutup: stop tercapai
CPO price dropped, followed by all stocks related to the commodity. AALI has reached the stop loss area.
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