Bull above the 5.800 for good
Although still clobbered on an intra-day basis by the bear camp wishing on lower levels for the taking, aggressive buying in big cap and second liners by the bull camp has managed to reel the index back above the 5.800 for more than 3 days in a row thus decreasing chances for a breakdown below 5.800 and increasing near term probabilities for a move beyond 5.870 to test all time high resistance at 5.920.
Support: 5.745-5.650-5.560-5.495, Resistance: 5.870-5.920-6.000-6.100-6.400
Stock picks: (BUY: BNGA, JSMR, INDY, WIKA)
- Bank Niaga (BNGA) (Trading target: Rp.1.420-1.535)
Entry (1) Rp.1.320, Entry (2) Rp.1.285, Cut loss point: Rp.1.215
- Jasa Marga (JSMR) (Trading target: Rp.5.750-5.850)
Entry (1) Rp.5.525, Entry (2) Rp.5.475, Cut loss point: Rp.5.375
- Indika Energy (INDY) (Rp.935-990)
Entry (1) Rp.890, Entry (2) Rp.870, Cut loss point: Rp.850
- Wijaya Karya (WIKA) (BUY) (Trading Target: Rp.2.250-2.350)
Entry (1) Rp.2.030, Entry (2) Rp.1.980, cut loss point: Rp.1.920
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Yuganur Wijanarko Senior Research
