IDX heading to 5.800 bears beware
Although the index continues to endure the daily share of selling by bears looking to push prices lower for bargain hunting, aggressive buying in big cap and second liner items by confident bulls has smashed hopes of fulfilling the above scenario and thus calling for a more positive near term trend development to take out our the next resistance point at the psychological 5.800 level and beyond.
Support: 5.700-5.650-5.560-5.495, Resistance: 5.800-5.900-6.100-6.500
Stock picks: (BUY: BBTN, INDF, HRUM, PWON)
- Bank Tabungan Negara (BBTN) (Trading target: Rp.2.650-2.750)
Entry (1) Rp.2.410, Entry (2) Rp.2.350, Cut loss point: Rp.2.280
- Indofood (INDF) (Trading target: Rp.9.250-9.450)
Entry (1) Rp.8.875, Entry (2) Rp.8.775, Cut loss point: Rp.8.675
- Harum Energy (HRUM) (Trading target Rp.2.325-2.425)
Entry (1) Rp.2.165, Entry (2) Rp.2.095, Cut loss point: Rp.2.015
- Pakuwon (PWON) (BUY) (Trading Target: Rp.655-680)
Entry (1) Rp.610, Entry (2) Rp.600, cut loss point: Rp.585
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Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com) (kgi.id)
