IHSG consolidates in the high zone, more upside before overbought levels seen
We look at the recent selling by the bear camp keen on pressuring prices lower for taking has failed to exert enough downward momentum to breach the minor uptrend-lined drawn since the lows of early January of 2017, given the resiliency of the index we are optimistic that on a break back above 5,923 there may be more upside to offer before overbought levels are seen on the 5 day stochastic indicator.
Support: 5.890-5.840-5.810-5.745-5.650, Resistance: 6.100-6.250-6.350
Stock picks: (BUY: SRIL, TLKM, INCO, PTPP)
- Sri Rejeki Isman (SRIL) (Trading target: Rp.378-420)
Entry (1) Rp.356, Entry (2) Rp.346, Cut loss point: Rp.338
- Telekomunikasi (TLKM) (Trading target: Rp.4.760-4.860)
Entry (1) Rp.4.490., Entry (2) Rp.4.420, Cut loss point: Rp.4.320
- Vale International (INCO) (Rp.3.240-3.340)
Entry (1) Rp.2.840, Entry (2) Rp.2.720, Cut loss point: Rp.2.620
- PP Persero (PTPP) (BUY) (Trading Target: Rp.2.740-2.920)
Entry (1) Rp.2.560, Entry (2) Rp.2.480, cut loss point: Rp.2.320
Disclaimer: This document has been prepared by PT.KGI Sekuritas Indonesia. The information has been compiled from public source, which we believe to be reliable but no representation or warranty, express or implied is made as to accuracy, completeness or fairness of the information and opinions contained in this document. Information and opinion contained herein are used to assist recipients, but are not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipients as of this date. Any opinion and expressed in this report are subject to change without notice and PT. KGI Sekuritas Indonesia is not under obligation to update or keep current the information contained herein. This report is not, and should not be construed as, an offer or solicitation to buy or to sell any securities. PT. KGI Sekuritas Indonesia accepts no liabilities whatsoever for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement or omission in any information contained in this report. No part of this report may be produced, distributed or published without the written permission of PT. KGI Sekuritas Indonesia. All rights reserved
Yuganur Wijanarko Senior Research
