IDX bounces off oversold zone, still room on the upside for the bull
We deem the recent correction from the all time high of 5.920 to the low of 5.645 which took more than a week has been overdone and now officially over, with deep oversold readings on the daily stochastic indicator there may be more room for the bull to run until we met overbought daily readings once again.
Support: 5.745-5.650-5.560-5.495, Resistance: 5.870-5.920-6.000-6.100-6.400
Stock picks: (BUY: BNGA, ASII, ANTM, JSMR)
- Bank Niaga (BNGA) (Trading target: Rp.1.355-1.475)
Entry (1) Rp.1.215, Entry (2) Rp.1.185, Cut loss point: Rp.1.090
- Astra International (ASII) (Trading target: Rp.9.050-9.450)
Entry (1) Rp.8.675, Entry (2) Rp.8.575, Cut loss point: Rp.8.475
- Aneka Tambang (ANTM) (Trading target Rp.745-765)
Entry (1) Rp.700, Entry (2) Rp.680, Cut loss point: Rp.660
- Jasa Marga (JSMR) (BUY) (Trading Target: Rp.5.650-5.950)
Entry (1) Rp.5.275, Entry (2) Rp.5.175, cut loss point: Rp.5.075
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
