IDX in deep oversold wait for the sharp rebound upward
We look at the recent corrective wave that has kept the index in a sideways and down-sloping short term trend has brought us into the deep oversold zone on the daily chart, thus in theory downside momentum may be slowing down and recommend to build positions and wait for the sharp rebound upward.
Support: 5.745-5.650, Resistance: 5.870-5.920-6.020
Stock picks: (BUY: BBTN, TLKM, HRUM, BKSL)
- Bank BTN (BBTN) (Trading target: Rp.3.270-3.350)
Entry (1) Rp.3.070, Entry (2) Rp.2.970, Cut loss point: Rp.2.870
- Telekomunikasi (TLKM) (Trading target: Rp.4.775-4.875)
Entry (1) Rp.4.650, Entry (2) Rp.4.550, Cut loss point: Rp.4.450
- Harum Energy (HRUM) (Rp.2.420-2.520-2.670)
Entry (1) Rp.2.300, Entry (2) Rp.2.220, Cut loss point: Rp.2.140
- Bukit Sentul (BKSL) (BUY) (Trading Target: Rp.155-165)
Entry (1) Rp.140, Entry (2) Rp.135, cut loss point: Rp.131
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Yuganur Wijanarko Senior Research
