Bull warms up heels
Although still plagued by the daily selling in big cap index drivers and second liner items by the bear camp followers on regional overnight volatility, EIDO ETF and currency woes nevertheless supportive buying on the dip by bulls coming out of the benches on a rallying cry managed to ward off further major downside and build the legs for a sustained reversal of the short term trend to a more positive stance to hit resistance at 5.200, the next psychological resistance point.
Support: 5.120-5.080-5.040-4.975, Resistance: 5.210-5.270-5.370-5.410-5.525
Stock picks: (BUY: BBTN, TINS, INDF, ELSA)
1. Bank Tabungan Negara (BBTN) (Trading target: Rp.1.720-1.780)
Entry (1) Rp.1.635, Entry (2) Rp.1.615, Cut loss point: Rp.1.585
2. Tambang Timah (TINS) (Trading target Rp.1.320-1.370)
Entry (1) Rp.1.225, Entry (2) Rp.1.205, Cut loss point: Rp.1.185
3. Indofood (INDF) (Trading target Rp.7.850-7.950)
Entry (1) Rp.7.450, Entry (2) Rp.7.375, Cut loss point: Rp.7.275
4. Elnusa (ELSA) (BUY) (Trading Target Rp.450-480)
Entry (1) Rp.415, Entry (2) Rp.409, cut loss point: Rp.403
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
