Bull moves out of the oversold area
Although still clobbered by selling on nervous bears shaken by regional and EIDO volatility consistent nibbling in big cap index drivers and second liners by the bull camp has managed keep downside momentum limited and reeled the index off the deep oversold zone to support what we see as a comeback in upside momentum to take out near term resistance at 5.300-5.350.
Support: 5.240-5.170–5.040-4.970, Resistance: 5.300-5.350-5.410-5.490-5.550
Stock picks: (BUY: BBRI, ASRI, PTBA, TLKM)
- Bank BRI (BBRI) (Trading target: Rp.12.350)
Entry (1) Rp.11.775, Entry (2) Rp.11.675, Cut loss point: Rp.11.575
- Alam Sutera (ASRI) (Trading target Rp.420-440)
Entry (1) Rp.388, Entry (2) Rp.378, Cut loss point: Rp.372
- Perusahaan Bukit Asam (PTBA) (Trading target Rp.12.350)
Entry (1) Rp.11.525, Entry (2) Rp.11.475, Cut loss point: Rp.11.375
- Telekomunikasi (TLKM) (BUY) (Trading Target: Rp.4.250)
Entry (1) Rp.3.840, Entry (2) Rp.3.710, cut loss point: Rp.3.610
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
