Floods over, bulls back in dry land
With floods receding in the capital city of Jakarta, it seems that the cycle of 4-5 yearly flooding is over and expect the index to resume the upward path to 5.410-5.490 which was previously delays, since on a historical basis we note that after major flooding occurred in the 4-5 year cycle the index usually rallies or for a new minor uptrend/
Support: 5.300-5.170-5.040, Resistance: 5.410-5.490-5.550-5.670
Stock picks: (BUY: BMRI, ASII, ANTM, WSKT)
- Bank Mandiri (BMRI) (Trading target: Rp.11.650-11.850)
Entry (1) Rp.11.125, Entry (2) Rp.11.975, Cut loss point: Rp.11.875
- Astra International (ASII) (Trading target Rp.8.150-8.275)
Entry (1) Rp.7.975, Entry (2) Rp.7.875, Cut loss point: Rp.7.775
- Aneka Tambang (ANTM) (Trading target Rp.870-930)
Entry (1) Rp.785, Entry (2) Rp.775, Cut loss point: Rp.765
- Waskita (WSKT) (BUY) (Trading Target: Rp.2.650-2.750)
Entry (1) Rp.2.460, Entry (2) Rp.2.395, cut loss point: Rp.2.325
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
