Sapura Kencana (5218) how far is 2.00?
Break out or break down!!
Break out or break down!!
(chart courtesy of UOB KayHian Techanalyzer)
Skpetro is currently testing the upper trendline of the downward wedge as shown in figure above.
Successful breakout from this trendline will confirm the end of Cycle wave A and marks the beginning of bear market rally to complete Cycle wave B.
Brief description of the price structure history for Skpetro:
Skpetro initiated an five-wave correction in the Jan 2014, which was completed in Jun 2016 (assuming truncated (3) is correct as shown in diagram above).
Since then Skpetro has failed to attempt a new low in Dec 2016, and was successful to spring up from the Dec 2016 low.
Prognosis for price movement of Skpetro:
Skpetro initiated an five-wave correction in the Jan 2014, which was completed in Jun 2016 (assuming truncated (3) is correct as shown in diagram above).
Since then Skpetro has failed to attempt a new low in Dec 2016, and was successful to spring up from the Dec 2016 low.
Prognosis for price movement of Skpetro:
Since correction waves always occur in A-B-C fashion, the five-wave decline of skpetro from Jan 2014 suggests the upcoming bear market rally for skpetro should transpire in a three-wave (a-b-c) manner.
A sound breakout of Skpetro from the price level 1.80 will see it soar higher in 2017, and stage a bear market rally as the Cycle wave B.
A sound breakout of Skpetro from the price level 1.80 will see it soar higher in 2017, and stage a bear market rally as the Cycle wave B.
In the less likely event, if Skpetro breaks down from current level, and
attempt a new low (alternate wave (5) of ((5)) of A), bear market rally (Cycle wave B) will still occur in a later future.
Post-script:
The bear rally trajectory drawn on the figure serve as an illustration of the path. The target price and time of the trajectory should not be taken right away as the prediction of price movement. Exercise caution on your trading decision and don't time your trading solely using the illustrative path of bear rally drawn.
attempt a new low (alternate wave (5) of ((5)) of A), bear market rally (Cycle wave B) will still occur in a later future.
Post-script:
The bear rally trajectory drawn on the figure serve as an illustration of the path. The target price and time of the trajectory should not be taken right away as the prediction of price movement. Exercise caution on your trading decision and don't time your trading solely using the illustrative path of bear rally drawn.
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