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StevenDjuarsa

INDY Falling Wedge Inside a Potential Cup and Handle Pattern

Long
INDIKA ENERGY TBK (IDX:INDY)  
StevenDjuarsa Updated   
IDX:INDY   INDIKA ENERGY TBK
Chart Patterns Wedge Cup And Handle
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chartpattern wedgepattern cupandhandle
Breaking out of the falling wedge pattern will make INDY has a target price of 2000 (+43.88%). There is a potential continuous pattern, cup and handle, with 2000 as the neckline. If the cup and handle pattern is confirmed, the target price will be 3600 (+159%). The probability of INDY breaking out of the falling wedge pattern is bigger than the opposite considering there's MACD Bullish Divergence in the Daily time frame.
Comment:
Falling wedge pattern confirmed.
Comment:
Target Price 1 (2000) has been reached. So far, based on the sector outlook, INDY is still on track to 3600. However, entry at the current level is not recommended. INDY is set to make a swing low first to continue the rally to 3600
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