Market Overview
Today’s Range : 1647-1767
A WOW factor. That’s what I called of what happened yesterday. JCI gains +4.78% (+78,58) to 1722 lead by banking, mining & infrastructure stocks. Not only it’s been driven by blue chips, JCI’s transaction value has gone back to Rp 5.8 trillion again, up 86% from the day before. In term of volume, trading was up 179%. Movement in the second session, especially near the end of trading time, show a very strong spike. This kind of chart should mean nothing but optimism. What’s suprising was PGAS. After mostly un-moved during the first session, it boosted up exactly at 2:36 PM & finally closed at 2600 (+10,6%). Nickels-related stocks like ANTM & INCO also surge quite big due to strong nickel price. And don’t forget about banking (BBRI, BDMN, BMRI) which up more than 6%. Only BBCA that lagging yesterday.
DJIA was open quite strong but news Chrysler has begun bankruptcy proceedings dragged Dow down 17.61 points (-0.22%) to 8168.12. Weekly jobless claims fell to 631,000 last week while personal income down -0.3% & personal spending -0.2%, which is worst than February data.
INVEST! That’s our mode right now. Since JCI keep closing above its MA200, we see an up-trend ahead. Jump into blue chips especially banking, commodities & mining. Today’s JCI range should be 1647-1767. Optimism is still on the air but be aware of profit taking; especially of what happen on Wall Street last night. For today our picks are TLKM, UNTR, ASII, PTBA.
Today’s Top Picks
TLKM – Buy
Target Price :7900
Cut Loss :6250
Resistance : 7900
Support : 7000
Blue chips is on the chase. Three days ago TLKM rose +4.9%, two days ago still up +2%. And finally yesterday another gain of +2%, in which TLKM closed at 7850. It’s very near our short term target. Technically, 7900 level is a triple tops pattern. So if today’s trading TLKM could break up 7900, we’re very very bullish on TLKM. Should this happens, we raise our target on TLKM to 8750. Otherwise, it should retrace to its 7000 support level.
UNTR – Buy
Target Price :9750
Cut Loss :7200
Resistance : 9000
Support : 7100
Incredible. UNTR yesterday gain 13% (+1050 points) to 9000. Result of 1Q09 profit that jump 57% to Rp 812 billion boost UNTR price yesterday with a very high volume. Being closed at 9000, UNTR has broken up its 8100 resistance level. Our next resistance level would be 9000. We still recommend investors to trade on UNTR with our target price 9750.
ASII – Buy
Target Price : 21100
Cut Loss : 14400
Resistance : 21100
Support : 16000
Another Astra-related stock that posted a massive gains. ASII rose +14% yesterday closed at 18000. This level not only has reached our target price 17800 but also break up its strong resistance 16000. We’re still bullish on ASII. Therefore we’re up grade our target price and resistance to 21100 & support level to 16000. However, we should expect a pull back below 16000 level because we still have to test whether this new support could hold on. Stil buy on ASII.
PTBA – Buy
Target Price : 10500
Cut Loss : 7600
Resistance : 10500
Support : 8350
Another stock that try to break up its resistance. PTBA yesterday closed at 9100 (+4.55%) break up a bit its 9000 resistance. Since first week of April PTBA was not succeed in breaking this level. However, yesterday we saw a strong volume for PTBA. We’re bullish on PTBA for short term trading. Our target would be 10500.
PGAS – Buy
Target Price :2950
Cut Loss :2075
Resistance : 2950
Support : 2225
After mostly un-moved during the first session, PGAS boosted up exactly at 2:36 PM & finally closed at 2600 (+10,6%). Being closed at 2600 PGAS has broken up its strong resistance 2500, not mentioning has violated our short term target of 2500. Our next target would be 2950, which is our next resistance also. We are bullish on PGAS for long-term holding (2009-10 horizon).
DISCLAIMER ON. The followings are not a recommendation to buy, hold or sell stocks. Those are for my personal trading purpose only.
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