IDX overbought, downside looking limited
We look at the fact and occurrence that the index entering into the overbought zone for more than a week evident on the daily stochastic indicator may only resulted in a limited correction consolidation, since the short and medium term trend has already been formed, thus recommend building long positions in big cap index drivers and second liner to catch the subsequent upside.
Support: 5.490-5.510-5.410-5.310, Resistance: 5.600-5.690
Stock picks: (BUY: BBTN, ASII, HRUM, ADHI)
- Bank BTN (BBTN) (Trading target: Rp.2.375-2.500)
Entry (1) Rp.2.135, Entry (2) Rp.2.095, Cut loss point: Rp.2.015
- Astra International (ASII) (Trading target Rp.8.900)
Entry (1) Rp.8.350, Entry (2) Rp.8.250, Cut loss point: Rp.8.150
- Harum Energy (HRUM) (Trading target Rp.2.500-2.750)
Entry (1) Rp.2.340, Entry (2) Rp.2.280, Cut loss point: Rp.2.210
- Adhikarya (ADHI) (BUY) (Trading Target: Rp.2.575-2.675)
Entry (1) Rp.2.420, Entry (2) Rp.2.375, cut loss point: Rp.2.295
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
