Bull back on the rampage
We look at the recent selling by the bear camp which had previously dragged the index lower below the 5.600 level for a brief moment to cease and give way to a more positive environment after bulls stepped in and built long positions in big cap and second liner items, recommend to the audience out there to step on the buying and step down on the fearing of more downside momentum to come.
Support: 5.570-5.510-5.490-5.410, Resistance: 5.700-5.790-5.850
Stock picks: (BUY: BNGA, PGAS, HRUM, BSDE)
- Bank Niaga (BNGA) (Trading target: Rp.1.290-1.390)
Entry (1) Rp.1.225, Entry (2) Rp.1.195, Cut loss point: Rp.1.095
- Perusahaan Gas (PGAS) (Trading target Rp.2.575-2.875)
Entry (1) Rp.2.405, Entry (2) Rp.2.385, Cut loss point: Rp.2.355
- Harum Energy (HRUM) (Trading target Rp.2.800-3.050)
Entry (1) Rp.2.525, Entry (2) Rp.2.475, Cut loss point: Rp.2.385
- Bumi Serpong Damai (BSDE) (BUY) (Trading Target: Rp.1.915-2.025)
Entry (1) Rp.1.795, Entry (2) Rp.1.775, cut loss point: Rp.1.715
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
