MARKET OVERVIEW
Today’s Range : 1796-1865
After being in negative territory for almost the whole trading day, JCI finally managed a 0.6% gain (+11.28 points) closed at 1842. Investors took profit especially in the first session while in the second one news from regional market, especially from europe, gave a positive sentimen to JCI. Reports that China’s fixed-asset investment rose better-than-expected and Britain’s house-price slump eased became the catalyst. In asia market, Hong Kong, China, India & Vietnam also posted gains while others are closed in red.
DJIA finally has managed to closed in positive territory, up 50.34 points (+0.6%) to 8469 while Nasdaq and S&P 500 down. General Motors fell almost 21% to $1.15 amid its plan to file for bankruptcy. Oil reached its 3 months highest to $58.85/bl. Tonight US investors are waiting for April retail sales data. Markets expect a range between minus 0.2% to 0%, comparing to -1.2% March data.
Today we forecast JCI trading range are between 1857-1892, which we think Bakrie-related stocks such as BUMI, DEWA, ELTY, ENRG still become the main driver of JCI. Our top picks for today are BUMI (Speculative Buy, R-2175, S-1570), TLKM (Speculative Buy, R-8000, S-7100), PGAS (Hold, R-2950, S-2500), ELSA (Speculative Buy, R-410, S-340) dan PTBA (Hold, R-12100, S-9900).
TODAY'S TOP PICKS
BUMI – Hold/Speculative Buy
Target Price : 2175
Resistance : 2175
Cut Loss : 1750
Support : 1570
Not a day for taking a breath. We’re also running out of breath to tell about BUMI. Yesterday it was closed exactly at our target price & resistance level. From technical point of view we saw a divergence in picture. We still see a strong up trend for BUMI, yet its decreasing volume worries us. However, we still recommend BUMI. Should today BUMI once again beat our resistance, then our next resistance would be 3300.
TLKM – Speculative Buy
Target Price :8000
Resistance : 8000
Cut Loss :5900
Support : 7100
If we look the past, we could see an interesting pattern about TLKM. Everytime its price touches down its MA20 or MA50 then TLKM would rebound. Yesterday we saw this pattern. Should the pattern repeats itself? Therefore we recommend a Speculative Buy on TLKM.
PGAS – Hold
Target Price : 2950
Resistance : 2950
Cut Loss : 2100
Support : 2500
Posted a 100 points gain to 2725 yet its volume decrasing. However we think PGAS will be trading inside its support-resistance level. We still positive on PGAS for mid to long term view. But for day trader we recommend a Hold for today. We still wait for volume confirmation.
PTBA – Hold
Target Price : 12100
Resistance : 12100
Cut Loss : 8500
Support : 9900
Two days ago we saw a doji pattern. Yesterday we saw a hanging man pattern while PTBA closed at 10500, lost 100 points. Decreasing volume while prices are rising put us on alert. For today’s trade we position ourselves a little bit conservative. Hold on PTBA should be our reasonable recommendation.
ELSA – Speculative Buy
Target Price : 410
Resistance : 410
Cut Loss : 310
Support : 340
Back into our top picks radar. Yesterday ELSA once again posted a 35 points gain to closed at 385. What’s caught our attention is its spike volume. We think news about its shares sale still be the catalyst. Our trading target for ELSA is 410.
DISCLAIMER ON. The followings are not a recommendation to any stocks. Those are for my personal trading purpose only.
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