Kencana - Still in uptrend but can it still hold?

Kim Sa Rang

Well look like overall oil sector are retracing and will Kencana able to hold the pressure?

Observation
1) Trendline - Uptrend Bullish
2) Formed lower high- Bearish
3) MACD -  Bearish Crossover ( Bearish) and waiting for 4R1G for a bullish reversal
4) RSI - Rebound from 70% and retrace ( Bearish)
5) Sto -  Formed bearish crossover and broke below  50%( Bearish)
6) ADX - strong momentum and bullish
7) Candle Stick - Black Candle showing bearish continuation ( Bearish)
8) Volume Distribution - Selling pressure is high as especially in the high volume at the last trading hour. ( Bearish)

6 Points

      2 Points

Conclusion

Winner Bear ( Throw down wrestling style)

Currently majority of the indicator are showing bearish and need for the right timing on the bullish reversal with 

1) MACD - indicate 4R1G

2) Sto rebound from 50% or 30%

3) RSI rebound from 50%

Entry Price 2.86

Resistance at 2.91and 2.96

Support at 2.75

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