IDX rally entering overbought zone wait for the pullback
Index rally for more than a week which has brought us to see the psychological 6.000 level has also entered the daily overbought zone thus traders should wait for the pullback to the lower end of 5.840-5.810 with cut loss point set at 5.770 before going on the long side.
Support: 5.840-5810-5.770-5.670-5.570, Resistance: 5.980-6.050-6.150
Stock picks: (BUY: MEDC, JSMR, SMGR, & ASII)
- Medco Enegi (MEDC) (Profit taking target: Rp.990-1.040)
Entry (1) Rp.915, Entry (2) Rp.900, Cut loss point: Rp.880
- Jasa Marga (JSMR) (Profit taking target Rp.4.960-5.060)
Entry (1) Rp.4.660, Entry (2) Rp.4.590, Cut loss point: Rp.4.490
- Semen Gresik (SMGR) (Profit taking target Rp.7.750-7.950)
Entry (1) Rp.7.300, Entry (2) Rp.7.150, Cut loss point: Rp.7.050
- Astra International (ASII) (BUY) (Profit taking target: Rp.6.725-6.825)
Entry (1) Rp.6.475, Entry (2) Rp.6.325, cut loss point: Rp.6.250
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Yuganur Wijanarko Senior Research
