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Sunday, 26 January 2014
Indonesia Jakarta Stock Exchange Composite Index: 26 January 2014, Sunday, 2.45pm Singapore Time
Indonesia Jakarta Stock Exchange Composite Index: 26 January 2014, Sunday, 2.45pm Singapore Time Chart courtesy of Chartnexus.com
Attached above is the Jakarta Stock Exchange Composite Index (JSX/JCI)
+ Indonesia Stocks Market has a bearish structure just like the Philippines PSEi.
+ Distribution took place as highlighted above.
+ There was also a blocking volume on backtest of support-turned-resistance above
(confluence of triple resistances)
+ Very bearish
+ The confluence of triple resistances was also the price satisfaction point.
+ The YELLOW CIRCLE was where stock prices in Indonesia were allowed to over-run beyond the RED price satisfaction point to facilitate distribution.
+ At best, Indonesia will use 2014 to consolidate; at worst, it will have a major selling in 2014 to hit the bottom of the down-channel as highlighted in the chart above. This would represent major bearishness.
+ Emerging Markets are expected to sell off with force as per warned to get out in Nov-Dec of 2013
+ Also warned that 2014 will be welcomed with huge sell-downs
+ The entire bearish structure will be negated if the upper limit of the ORANGE ZONE at 4791.765 points and 4743.094 points are both taken out upwards to resume a bull. Otherwise, Indonesia should continue to be regarded as bearish-looking/bearish-bias for sell on rebounds.