IDX stalling at resistance downtrend in effect
We look at the recent emergence of sellers at resistance during technical rebounds to suggest that the downtrend is much in effect thus it would be more prudent to buy on dips versus chasing rallies as not to be dragged down by the sudden change in momentum going negative.
Support: 5.940-5.840-5.740, Resistance: 6.140-6.220-6.380-6.450-6.550
Stock picks: (BUY: PGAS, BMRI, UNTR, BBNI)
- Perusahaan Gas (PGAS) (Profit taking target: Rp.2.460-2.560)
Entry (1) Rp.2.190, Entry (2) Rp.2.140, Cut loss point: Rp.2.090
- Bank Mandiri (BMRI) (Profit taking target Rp7.250-7.450)
Entry (1) Rp.6.750, Entry (2) Rp.6.650, Cut loss point: Rp.6.450
- United Tractors (UNTR) (Profit taking target Rp.37.250-38.250)
Entry (1) Rp.34.975, Entry (2) Rp.34.025, Cut loss point: Rp.33.725
- Bank BNI (BBNI) (BUY) (Profit taking target: Rp.8.325-8.425-8.525)
Entry (1) Rp.7.900, Entry (2) Rp.7.775, cut loss point: Rp.7.675
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Yuganur Wijanarko Senior Research
