January effect kicking in
Buying in big cap index drivers and second liner items by bull camp followers confident in the index next directional probabilities has managed to ward off aggressive daily selling by nervous bears non-with standing regional overnight volatility and currency woes, thus it may safe to assume that January effect is kicking in and that the next step may be a possible rally to test the psychological resistance of 5.400 and move beyond that level making it a new support point to stage future potential upside fireworks.
Support: 5.300-5.230-5.140-5.040-4.970, Resistance: 5.410-5.490-5.550
Stock picks: (BUY: BJBR, ASRI, ADRO, PPRO)
- Bank Jabar (BJBR) (Trading target: Rp.3.050-3.350)
Entry (1) Rp.2.830, Entry (2) Rp.2.795, Cut loss point: Rp.2.755
- Alam Sutera (ASRI) (Trading target Rp.400-430)
Entry (1) Rp.372, Entry (2) Rp.368, Cut loss point: Rp.362
- Adaro Energy (ADRO) (Trading target Rp.1.790-1.850)
Entry (1) Rp.1.690, Entry (2) Rp.1.670, Cut loss point: Rp.1.620
- PP Property (PPRO) (BUY) (Trading Target: Rp.1.390-1.450)
Entry (1) Rp.1.290, Entry (2) Rp.1.270, cut loss point: Rp.1.220
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
