Down to test Important Support at 5,500
JCI is continuing falling below 5,800 to test its important Support at 5,500.
What previously predicted to become Bullish Reversal has turned into Bearish Continuation which means the Downtrend is assumed to be ineffective. Downtrend could easily force JCI to touch 5,500.
Support at 5,500 is so important because as long as JCI doesn't break below that Support, the downtrend since 6,700 to 5,500 can still be considered a Throwback market (where JCI falls to 5,500 after broke above 5,500 in Mar'17 previously and rise to 6,800 in Feb'18). We can still hope JCI will maintain Uptrend to 7,000 after JCI touch Support at around 5,500.
For the next 1-2 months, i expect to see JCI in around 5,500 - 5,600.
What previously predicted to become Bullish Reversal has turned into Bearish Continuation which means the Downtrend is assumed to be ineffective. Downtrend could easily force JCI to touch 5,500.
Support at 5,500 is so important because as long as JCI doesn't break below that Support, the downtrend since 6,700 to 5,500 can still be considered a Throwback market (where JCI falls to 5,500 after broke above 5,500 in Mar'17 previously and rise to 6,800 in Feb'18). We can still hope JCI will maintain Uptrend to 7,000 after JCI touch Support at around 5,500.
For the next 1-2 months, i expect to see JCI in around 5,500 - 5,600.
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