Profit taking over, back on the bull path
After experiencing bouts of profit taking and selling by bear camp followers on daily overbought conditions after IDX steep rise to all time high at 5.901 post long holidays we deem that the index may resume the bullish path to the next psychological resistance level at 6.000 fueled by buying in big cap and second liners by eager bull camp followers.
Support: 5.820-5.745-5.650-5.560-5.495, Resistance: 5.900-6.000-6.100-6.400
Stock picks: (BUY: BBTN, TLKM, HRUM, BEST)
- Bank BTN (BBTN) (Trading target: Rp.2.760-2.860)
Entry (1) Rp.2.520, Entry (2) Rp2.470, Cut loss point: Rp.2.390
- Telekomunikasi (TLKM) (Trading target: Rp.4.750-4.950)
Entry (1) Rp.4.470, Entry (2) Rp.4.375, Cut loss point: Rp.4.275
- Harum Energy (HRUM) (Trading target Rp.2.175-2.250)
Entry (1) Rp.2.010, Entry (2) Rp.1.960, Cut loss point: Rp.1.890
- Bekasi Fajar (BEST) (BUY) (Trading Target: Rp.352-362)
Entry (1) Rp.325, Entry (2) Rp.318, cut loss point: Rp.305
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
