IDX rebounds, corrective scenarios go astray
We look at the recent corrective scenarios by the bear camp pushing prices lower to go astray since previous selling attempts have failed to exert enough downward pressure for the index to breach the major support of 5.840 which represents the up-trend-line drawn from the January lows until present day. Recommend building long positions in big cap index drivers and second liners for a major rally upward breaching the all time level of 5.967 and going to set new highs at 6.070-6.100.
Support: 5.890-5.840-5.810-5.745-5.650, Resistance: 5.967-6.100-6.250-6.350
Stock picks: (BUY: TLKM, BSDE, PTPP, PGAS)
- Telekomunikasi (TLKM) (Trading target: Rp.4.550-4.650)
Entry (1) Rp.4.410, Entry (2) Rp.4.310, Cut loss point: Rp.4.220
- Bumi Serpong Damai (BSDE) (Trading target: Rp.1.915-2.025)
Entry (1) Rp.1.765., Entry (2) Rp.1.745, Cut loss point: Rp.1.715
- PP Persero (PTPP) (Rp.2.740-2.840)
Entry (1) Rp.2.550, Entry (2) Rp.2.490, Cut loss point: Rp.2.410
- Perusahaan Gas (PGAS) (BUY) (Trading Target: Rp.1.640-1.740)
Entry (1) Rp.1.540, Entry (2) Rp.1.480, cut loss point: Rp.1.410
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Yuganur Wijanarko Senior Research
