BBCA Bearish
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Hi, I am a complete beginner at chart analysis here so please be patient with me, and every inch of feedback is much appreciated.
BBCA seems bearish as we can identify a symmetrical triangle, which is supported by an inverted cup and handle pattern, supporting a bearish trend .
We can see that from the beginning of January, selling volume has for the most part out numbered buying volume , which further indicates the bears being in control.
I have indentified the support and resistance areas in both green and red respectively.
I used the fibonnaci retracement to try and determine where prices are likely to range next, which is shown in the grey area.
MACD indicator shows that the bears are in control too (hovering below the 0 zone) and the stochastic indicator indicates that is it currently oversold / underbought.
It seems to me that BBCA is bearish in the short to medium term according to my technical analysis and all the indicators I am using.
However, fundamentally we know that BCA is planning a 1:5 stocksplit soon which may drive up retail purchases of the stock once it has been split. Understand that BBCA is a bluechip firm and thus there is strong demand for it, as it is seen as a strong and viable company to own.
It is in my idea that BCA wants to drive up retail purchases so that it can compete with the newly formed Bank Jago ( ARTO ).
Would I trade this stock in the short to medium term? No, I would not.
Thank you, and I would love to hear your thoughts.
Tl;dr: BCA is currently bearish
BBCA seems bearish as we can identify a symmetrical triangle, which is supported by an inverted cup and handle pattern, supporting a bearish trend .
We can see that from the beginning of January, selling volume has for the most part out numbered buying volume , which further indicates the bears being in control.
I have indentified the support and resistance areas in both green and red respectively.
I used the fibonnaci retracement to try and determine where prices are likely to range next, which is shown in the grey area.
MACD indicator shows that the bears are in control too (hovering below the 0 zone) and the stochastic indicator indicates that is it currently oversold / underbought.
It seems to me that BBCA is bearish in the short to medium term according to my technical analysis and all the indicators I am using.
However, fundamentally we know that BCA is planning a 1:5 stocksplit soon which may drive up retail purchases of the stock once it has been split. Understand that BBCA is a bluechip firm and thus there is strong demand for it, as it is seen as a strong and viable company to own.
It is in my idea that BCA wants to drive up retail purchases so that it can compete with the newly formed Bank Jago ( ARTO ).
Would I trade this stock in the short to medium term? No, I would not.
Thank you, and I would love to hear your thoughts.
Tl;dr: BCA is currently bearish
Nota
Invalidated. Indonesia broke out of a recession
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