KLSE Technical Analysis
Penta formed raising window !!! high probabilitycontinue bull ran.
Executive Summary (Penta)
Piercing line candle stick chart pattern was formed on 29/30 of jun, it is strong reversal signal and also wave 3 impulse wave kick start(check out my blog, as this follow up trade Click here). Today candle is rising window which is bullish implication candle, base on pass history data suggested 75% probability, 2nd of july will close green and 25% of probabilty it will back to the window and close the Gap. I would say if gap closing occur will offer trader to collect it. I am anticipating penta most likely will continue rally on tomorrow(2nd/July) and should try immediate resistance $0.775 and breakaway from it and heading to target of $0.900/0.955.
Technical Bread
Rising Window Pattern
Implication –
Normally it should be a signal of continuation of the current Trend, pass data suggest trend continue on next day is 75% and correction is 25%.
Specification-
It occurs during an Uptrend; confirmation is required by the candles that follow the Pattern.
The Color of the Candles doesn’t matter (They can be white or black).
There is a Gap Up between the High of the First Candle and the Low of the Second Candle (So the High of the First Candle is below the Low of the Second Candle).
Penta Chart; Raising window -Penta is on rising window ,pass history data suggested 75% of probability it will close green on tomorrow and should try 0.775 very soon
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