To start 2014 we appear to be having some strength overseas as our domestic market falters. Indonesia ($IDX) has been one of those countries that currently presents an interesting setup with some bullish momentum and relative strength as it tests resistance. This is the topic of my TraderPlanet article for this week.
Here’s a piece:
Turning out focus back to price action we still must contend with the down trend off the May and October highs. On Monday we broke above this trend line during intraday trading but were unable to get a strong close with price finishing trading just above the 50-day moving average. What I’ll be watching for going forward is for $IDX to break and close above the falling trend line and begin to confirm the bullish movement taking place in momentum.
Read the rest here: Potential Trend Change in Indonesia (TraderPlanet)
Don’t forget to vote daily for my blog for the TraderPlanet Star Award – Click here to vote!
Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+, Twitter, and StockTwits.
