Bull bouncing off oversold readings next stop 5.350-5.410.
We look at the recent selling by nervous bears on regional volatility to be eased by short term oversold readings to cap further major downside and call for a possible reversal in fortune in form of a rallying attempt from the consolidative set of the index to reach upper end resistance at 5.350-5.410.
Support: 5.280-5.190-5.110-5.040-4.970, Resistance: 5.350-5.410-5.490-5.550
Stock picks: (BUY: BMRI, BWPT, BSDE, WTON)
- Bank Mandiri (BMRI) (Trading target: Rp.11.600-11.750)
Entry (1) Rp.11.250, Entry (2) Rp.11.150, Cut loss point: Rp.10.975
- BW Plantation (BWPT) (Trading target Rp.300-320)
Entry (1) Rp.264, Entry (2) Rp.245, Cut loss point: Rp.235
- Bumi Serpong Damai (BSDE) (Trading target Rp.1.790-1.860)
Entry (1) Rp.1.725, Entry (2) Rp.1.695, Cut loss point: Rp.1.675
- Wika Beton (WTON) (BUY) (Trading Target: Rp.865-900)
Entry (1) Rp.830, Entry (2) Rp.820, cut loss point: Rp.805
Disclaimer: This document has been prepared by PT.KGI Sekuritas Indonesia. The information has been compiled from public source, which we believe to be reliable but no representation or warranty, express or implied is made as to accuracy, completeness or fairness of the information and opinions contained in this document. Information and opinion contained herein are used to assist recipients, but are not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipients as of this date. Any opinion and expressed in this report are subject to change without notice and PT. KGI Sekuritas Indonesia is not under obligation to update or keep current the information contained herein. This report is not, and should not be construed as, an offer or solicitation to buy or to sell any securities. PT. KGI Sekuritas Indonesia accepts no liabilities whatsoever for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement or omission in any information contained in this report. No part of this report may be produced, distributed or published without the written permission of PT. KGI Sekuritas Indonesia. All rights reserved
Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
