Jakarta Composite Index (JCI), a stock benchmark that counts all stock prices at Indonesia Stock Exchange (IDX), today is estimated to continue further rebound after it made a slight increase at the closing yesterday. Here are stock recommendations as quoted by Bisnis Indonesia daily today:
Massive sell-off was fading yesterday, sending the JCI to post a slight increase. The bounce back of commodities prices spurred the mining stocks and plantation which eventually became the biggest movers for the benchmark index.
On the other hand, global investors are still concerning European debt crisis, especially when global rating agencies downgraded Greek's debt rating. The Japan recession might hamper growth of the regional economy. We estimate that the JCI will move in a mixed position with limited upward. A support-resistance level is estimated within the 3,760-3,800 range. Top picks are ITMG, BORN, BUMI, and SGRO.
The JCI today may swing within the 3,773-3,793 range. It yesterday ended at 7.49 points (0.198%) higher to the level of 3,785.94, spurred by the plantation and infrastructure stocks. Recommended stocks: PGAS, CPIN, and PTBA.
The JCI today may technically move in a mixed position within 3,763-3,805 range. The regional stock markets may provide sentiments to the JCI. Stocks to watch: MYOR, PTBA, PGAS, and BSDE.
Candlestick pattern may technically form a hammer pattern in lowered bollinger band and stochastic may move in downtrend and oversold areas. RSI starts to be in uptrend reversal. As a result, the JCI today may continue further rebound within the 3,750-3,818 range. Stocks to watch: BORN, DEWA, and PTBA.
Disclosure: No position at the stock mentioned above.
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