Dec 6, 2010

Stock recommendations today

Indonesian stocks today are estimated to face correction today after its failure to breach 3,700 on last Friday. However, based on stochastic, Jakarta composite index is estimated to be at uptrend. Two stock brokerages provide their view about Indonesian stocks today as reported by Bisnis.com

Etrading Securities:
On last Friday, Jakarta Composite Index (JCI) was closed higher 1 point (0.04%) at level 3,696 and fail to be closed down above 3,700. 
Foreign investors are still conducting net buy amounting to IDR381 in regular market today. The RSI that closed above the 50 line on Friday showed that the JCI has created a spinning top formation and failed to penetrate beyond 3,700, which is the level support that may lead to a correction. 
Meanwhile, an uptrend is still occur from the stochastic itself. Today, JCI will moves in range of 3,630-3.730.

Woori Korindo Securities Indonesia:
JCI eventually experienced a profit taking on last week trading after previously strengthened significantly for 2 days straight. 
However, the JCI closing was still in positive condition although it only strengthened slightly. We estimate the JCI is still likely to maintain positive momentum in the early trading this week in range of 3,674-3.722 after seeing the strengthening conditions of RSI and Stochastic Oscilator along with the MACD that start to closing in to the golden cross pattern. Today’s stocks pick are KLBF, BBRI, PTBA, and MPPA.

Disclosure: No position at the stock mentioned above.
 
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