Bull moves back to 5.470
We look at the recent selling by the bear camp on regional volatility and itchy trigger fingers to be met on an even playing field by bull camp followers snapping bargains in big cap index drivers and second liner items, thus it may be safe to assume that another round of upside fireworks could be expected until we see resistance at 5.410 or the yearly high at 5.470 tested and broken through.
Support: 5.340-5.300-5.240-5.130, Resistance: 5.470-5.525-5.600
Stock picks: (BUY: BBNI, INCO, PGAS, PWON)
1. Bank BNI (BBNI) (Trading target: Rp.5.525-5.625)
Entry (1) Rp.5.200, Entry (2) Rp.5.125, Cut loss point: Rp.5.075
2. International Nickel (INCO) (Trading target Rp.2.975)
Entry (1) Rp.2.720, Entry (2) Rp.2.670, Cut loss point: Rp.2.570
3. Perusahaan Gas (PGAS) (Trading target Rp.2.900)
Entry (1) Rp.2.620, Entry (2) Rp.2.550, Cut loss point: Rp.2.460
4. Pakuwon (PWON) (BUY) (Trading Target Rp.690)
Entry (1) Rp.645, Entry (2) Rp.635, cut loss point: Rp.615
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com)
