Bulls break 5.650 IDX enters the overbought and over-loved zone
We look at the recent break by the bull camp above the key resistance of 5.650 to push the index into the next resistance zone of 5.700 and 5.790 respectively. On a positive note although another push upward would send the index in the overbought zone on daily basis, it would signal that players should buy more on the dip than chase rallies since sudden corrective selling sorties my occur from nervous bears.
Support: 5.650-5.570-5.510-5.490-5.410, Resistance: 5.700-5.790-5.850
Stock picks: (BUY: BBNI, PGAS, MEDC, PWON)
- Bank BNI (BBNI) (Trading target: Rp.6.500-6.800)
Entry (1) Rp.6.175, Entry (2) Rp.6.075, Cut loss point: Rp.5.975
- Perusahaan Gas (PGAS) (Trading target Rp.2.675-2.875)
Entry (1) Rp.2.430, Entry (2) Rp.2.395, Cut loss point: Rp.2.315
- Medco Energi (MEDC) (Trading target Rp.3.400-3.800)
Entry (1) Rp.3.075, Entry (2) Rp.2.975, Cut loss point: Rp.2.875
- Pakuwon Jati (PWON) (BUY) (Trading Target: Rp.685-715)
Entry (1) Rp.615, Entry (2) Rp.605, cut loss point: Rp.585
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
