Tuesday, October 09, 2012

INGENCO Rebound Soon?

Well, I got a swept by bunch of big knives for committing an illegal act (indiscipline) by capturing falling knives. I lost somewhere around 5K for this trade exit @ 0.095 on 28/Sep after lost happen with ASUPREM day before. I think that week is bad week for me. :-( Hmm.. if my fingers does not itchy, it will be different story. Let us have a look of what in store for this counter.

From above chart, what I can know is that the downtrend is not ending yet. Since the support at 0.10 broken, I believe there will be another push towards 0.06 before seeing any sign of reversal. If look at the hourly chart, the price was trading all the way below the SMA for sometimes and hit the resistance and bounce back. As for the weekly chart, every new week it close at new low. I foresee there will be a reversal coming soon most probably next week. If there is no sign of  reversal next week. I will give up this counter as it will be a long way consolidation process. So I will stay alert till next week to buy again the lowest point as possible somewhere 0.06-0.07.

About the rebound target. I would look at 0.15~0.20. Depend on when it move up and how fast when the time come to hit the resistance. So stay tune and look for the reversal signal next week.

Happy Trading! 

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