Technical View
Today’s Range : 1639-1676
Another Bakrie-related stocks day. But yesterday was different. It was Bakrie-related stocks that dragged down JCI into negative territory. On the second session, investors dumped several Bakrie stocks. Coincidently, this happened as political news being released about Golkar and Partai Demokrat. BUMI was closed down 15.17%, BNBR -19.78%, ENRG -20.93%. Transaction value yesterday Rp 5.46 trillion, down 14.9% from the previous day.
DJIA was riding a bumpy ride last night. Hovering between positive & negative territory, finally DJIA closed in red at 7886 (-1.04%). Mixing earnings from two banks drove bank share volatile. Wells Fargo reported higher than expected quarterly result while Morgan Stanley earnings missed Wall Street forecasts. Earnings from McDonald & AT&T gave investors a glimmer of hope that consumer spending is improving.
A positive open in regional market this morning at 7:36 WIB (Nikkei +0.4%, KOSPI +0.27%, KLCI +0.2%) gives a glimmer optimist to our beloved JCI. We forecast today’s range would be 1639-1676. However, political perspective between Partai Demokrat & Partai Golkar will have an impact to our market. CPO price jump 4% last night and we think will have a positive impact to CPO-related stock. Our top picks for today are INDF, PGAS, SGRO, JSMR, ADRO.
Today’s Top Picks
INDF – Buy
Target Price :1230 Resistance : 1290
Cut Loss :900 Support : 1020
After move up 11% on Monday, yesterday INDF corrected 1.7% (-20 point). We still recommend to trade INDF. Technically, INDF has moved up crossing resistance 1020, which now become support. We should look forward to test whether this new support stand. But considering high volume we think INDF is a buy. Our trading target at 1230.
PGAS – Hold
Target Price :2600 Resistance : 2450
Cut Loss :1750 Support : 2225
PGAS is one of the most difficult stock to read technically. Since the beginning of April PGAS try to break its resistance at 2450 without any success. Once again yesterday proved this notion which PGAS reached its high at 2500 but closed at 2425. We suggest investors put PGAS on waiting list. If it breaks resistance 2450 with strong volume, a buy recommentadion for trading is on. Mean while just wait.
SGRO - Buy
Target Price : 1830 Resistance : 1830
Cut Loss : 1120 Support : 1560
Resistance level at 1560 is a strong resistance for SGRO which it has three times tried to break it but fail. First attempt at Nov 5’08, second Jan 7’09 & third Apr 3’09. On the fourth attempt on Apr 15’09 finally it was broken. Now 1560 serves as SGRO support. Last night CPO price up 4% to $715,50 & we think that was good news for SGRO. For investing we think SGRO is a good valued company. Our trading target is 1830.
JSMR - Buy
Target Price : 1330 Resistance : 1210
Cut Loss : 830 Support : 1100
JSMR is one of our top picks. It has good business prospect. Fundamentally, for the last three years its revenue up 15.4% while net income up 17.67%. Also, JSMR has a good ROE at 10.77%. We really like JSMR business model. From technical side, buying signal has appeared since second of April. Since that day stock price rise gradually. We see there’s a strong resistance at 1210. Yesterday spike indicate JSMR is a good pick for mid-term investment.
ADRO - Buy
Target Price :1200 Resistance : 1000
Cut Loss :750 Support : 880
News released by Kontan Daily that Marubeni & Tata interested in buying ADRO shares, boost ADRO price in the first session with high volume. We think investors speculate about this news. Kontan mentioned the strike price would be around Rp 1100. Should that news wasn’t true, we still recommend ADRO for mid to long term investing horizon. Technically, ADRO stock price is on the bullish mode with strong resistance at 1100. We investors should be very patience about ADRO since its price movement is not as volatile as BUMI.
DISCLAIMER ON. The following above is not a recommendation to buy, sell or hold any stocks. Those are for my personal benefit only.
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