IDX trend back positive
From a technical standpoint although the index had been plagued by vicious profit taking and panic selling by the bear camp on back of regional volatility and daily overbought conditions, aggressive buying by the bull camp in big cap index drivers and second liners managed to reel the index above the 5.400 level on a monthly basis. Such a technical event suggests that the IDX trend may turn back to strong positive after kept in a sideways cage for some time, upper resistance target may be first set at the all time high of 5.525.
Support: 5.410-5.350-5.280-5.130, Resistance: 5.525-5.600-5.750
Stock picks: (BUY: BJBR, AISA, WTON, LPKR)
1. Bank Jabar (BJBR) (Trading target: Rp.1.800)
Entry (1) Rp.1.610, Entry (2) Rp.1.580, Cut loss point: Rp.1.540
2. Tambang Timah (TINS) (Trading target Rp.920-940)
Entry (1) Rp.825, Entry (2) Rp.815, Cut loss point: Rp.795
3. Wika Beton (WTON) (Trading target Rp.1.010)
Entry (1) Rp.925, Entry (2) Rp.915, Cut loss point: Rp.890
4. Bukit Sentul (BKSL) (BUY) (Trading Target Rp.105)
Entry (1) Rp.93, Entry (2) Rp.90, cut loss point: Rp.86
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com)
