JKSE dominated by bulls lifting the market higher throughout the day
IDX Composite Index (JKSE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
JKSE ended Thursday at 4338.90 surging Rp401.27 (10.19%). This is the biggest single-day gain ever recorded for the index. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 4123.56, the stock index confirmed its breakout through the prior session high after trading up to Rp247.10 above it intraday.
Daily Candlestick Chart (JKSE as at Mar 26, 2020):
Thursday's trading range has been Rp434.75 (11.04%), that's far above the last trading month's daily average range of Rp197.05. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for JKSE.
In spite of a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After having been unable to move lower than 3911.72 in the prior session, IDX Composite found buyers again around the same price level today at 3935.91. The last time this happened on March 10th, JKSE actually lost -1.28% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for IDX Composite. Out of 394 times, JKSE closed higher 57.36% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.90% with an average market move of 0.41%.