Market starts to discount possible fed rate hike
We look at the selling by the bear camp to end and give way for a relief rally by the bulls for taking out near term resistance at 5.470 and generata a major reversal of fortune to finally breach the all time high of 5.525, the event if occurred could pave way for bulls to claim new territory above. Thus recommend buying in selective big cap and second liners and join the upside fireworks.
Support: 5.370-5.270-5.210-5.180, Resistance: 5.470-5.525-5.590-5.650
Stock picks: (BUY: BBNI, PTBA, AISA, ASRI)
1. Bank BNI (BBNI) (Trading target: Rp.6.050-6.250)
Entry (1) Rp.5.800, Entry (2) Rp.5.700, Cut loss point: Rp.5.550
2. PT. Bukit Asam (PTBA) (Trading target Rp.10.600)
Entry (1) Rp.9.725, Entry (2) Rp.9.625, Cut loss point: Rp.9.525
3. Tiga Pilar (AISA) (Trading target Rp.2.450)
Entry (1) Rp.2.220, Entry (2) Rp.2.180, Cut loss point: Rp.2.120
4. Alam Sutera (ASRI) (BUY) (Trading Target Rp.550)
Entry (1) Rp.525. Entry (2) 515, cut loss point: Rp.505
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