Channel up broken, index correction finding new support downstream
The recent correction after failure to breach upper resistance at the 3 month downtrend-line set at 5.980 may find new support downstream at 5.810 where traders could bet on the long side for a subsequent technical rebound to 5.900 with cut loss points set at 5.770.
Support: 5.810-5.770-5.670-5.570, Resistance: 5.900-5.940.5.980-6.050-6.150
Stock picks: (BUY: TLKM, BUMI, ITMG, & INDY)
- Telekomunikasi (TLKM) (Profit taking target: Rp.4.050-4.150)
Entry (1) Rp.3.880, Entry (2) Rp.3.790, Cut loss point: Rp.3.720
- Bumi Resources (BUMI) (Profit taking target Rp.236-246)
Entry (1) Rp.215, Entry (2) Rp.210, Cut loss point: Rp.205
- Indo Tambang Raya (ITMG) (Profit taking target Rp.25.250-26.100)
Entry (1) Rp.23.850, Entry (2) Rp.23.150, Cut loss point: Rp.22.755
- Indika Energy (INDY) (BUY) (Profit taking target: Rp.3.425-3.550)
Entry (1) Rp.3.150, Entry (2) Rp.3.050, cut loss point: Rp.2.950
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Yuganur Wijanarko Senior Research
