Market Overview
Today’s Range : 1576-1623
Suspended on a technical glitch. Last trade reading from IDX was 14:26:51 BUMI 1200 (-30).That’s what happened yesterday. According to news quoted by Bloomberg, IDX was suspended because of a technical glitch. JCI was suspended at 1592, down 22.53 point (-1.39%). Another bad day for Bakrie stocks. BUMI down 2.44%, BNBR -19.18%, ELTY -8%.
DJIA closed at 7957,06 up 70,49 points (++0,9%) due to better than expected result from two financial institutuions; PNC Financial Services Group Inc. & First Third Bancorp. From automotive industry, General Motors would temporarily shut down 13 plants in North America while the Treasury Deparment is preparing a Chapter 11 bankruptcy for Chrysler. March existing home sales down 2.97% to 4.57 million.
Today’s JCI range would be 1576-1623. Positve view is that CPO price up 6.7%; should be good for CPO stocks. Negative view is political differences between Partai Demokrat & Partai Golkar; will be discouraging for our market. For today’s top picks we put three new stocks (KLBF, APOL & AALI) for speculative trading. Though we drop SGRO & JSMR, we still recommend those two for mid-trading horizon. For PGAS, we put on hold on that because yesterday trade it still can’t break up 2450 resistance that we mentioned two days ago. Therefore we expect PGAS will be corrected moving to its support. Today’s picks are KLBF, APOL, INDF, ADRO & AALI.
Today’s Top Picks
INDF – Buy
Target Price :1230 Resistance : 1290
Cut Loss :900 Support : 1020
Yesterday it is proven that INDF closed in a positive trade. We still see 1020 support level is a crucial one. If we look at the trend, INDF is on the way up. Anyhow, yesterday low volume makes us a bit worry. Maybe it just because IDX is suspended after lunch. Our trading target at 1230.
KLBF – Speculative Buy
Target Price :810 Resistance : 810
Cut Loss :610 Support : 750
Since last week KLBF has showed movement trying to break strong resistance 750. Yesterday that level has been crossed & now become support. We put KLBF as our new trading idea in notion that this stock used for speculative trading. Our target would be 810, which has been touched four times (3 times on July’08 & 1 time on yesterday’s highest).
APOL – Speculative Buy
Target Price : 340 Resistance : 340
Cut Loss : 215 Support : 280
Another of our speculative stock pick. APOL has moved up in the last two days with higher than usual volume. Yesterday it was closed up 1.8% to 285. News that APOL has sign a new contract of $60 millions serve as fundamental basis for this movement. From technical view, we see APOL has cross above its resistance 280. Our next resistance target would be 340, which we also recommend as short term target price. However, this one is for speculative mode.
AALI - Buy
Target Price : 16300 Resistance : 16300
Cut Loss : 11800 Support : 14600
One of the blue chip we love. AALI is terrific both fundamentally & technically point of view. From fundamental, CPO price that keep moving up since Oct’08 gives good reason for buying AALI. From technical there’re several points. (1) AALI chart move in line with CPO chart; (2) AALI chart shows patterns that easily mark. Everytime price touch MA20 most likely the price going up. And if we look at Stochastic it’s in oversold area. But the decreasing volume was not so impressing.
ADRO - Buy
Target Price :1200 Resistance : 1000
Cut Loss :750 Support : 880
ADRO is one of few stocks that closed possitive yesterday. ADRO closed at 1010, gain 4.1%. We think news about Tata & Marubeni interesting in ADRO still a drive. Yesterday ADRO has cross our resistance at 1000. Yet we still should see whether this cross above will last. Need one or two days to prove it. However, our next resistance would be 1240.
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