Market Update (May 2, 2017)


(OpisBoi‘s Technocopter) JCI (Indonesia Composite Index) were smashed by -0.38% and drowned at 5,685.30 bps with a total of 91,985,858.00 shares traded or -15.72% lower from the day before, on the last Friday’s trading sessions. Mostly were caused by Consumer, Mining, and Misc-Industry which slacked lower respectively by 1.21%, 1.13% and 0.56%. Overall JCI were trying to hold on to its uptrend support at 5,685 – 5,690 bps range, the market still considered bullish and tend to retrace back to its 5,725-5,730 bps resistances level or better off, probe to the 61.8% retracement target at 5,810.

However, a Marubozu Candle as the completion of the previous Harami Cross Formation where the Stochastic Oscillator retreated from its peak and took a breather by entering the consolidation area where the 5,650 – 5,670 bps considered as a its strong support. Indicates that JCI will be experiencing a slight turbulence and witnessing selling pressure on most blue chips on this first trading sessions or so.

JCI expected to walk around 5,678-5,704 bps areas for the next trading days. Once again, the critical support will be at 5,675 bps and you still need to draw your stop loss as well your cut loss level at 5,640 bps.

Some of these stocks might still be interesting and should hold the market steady (TradingBuy); HMSP BMRI GGRM PTBA UNTR SMGR AALI;  but you might want to hit and run on some of these stocks (TradingSell); ICBP INDF CPIN JSMR WIKA WSKT; Foreign Investors eyed on some of these stocks; LSIP BNII PTRO HRUM DMAS (OnScreen); BUMI BWPT BRMS DEWA DOID PWON;

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