Market Update (May 4, 2017)


(OpisBoi‘s Technocopter) JCI (Indonesia Composite Index) ends lower for -0.50% and closed at 5,647.37 pts with a total of 91,435,872.00 shares yesterday, following another losses on the Mining (-2.26%), Misc-Industry (-1.42%), and Infrastructure (-1.37%) sectors. There were 251 stocks declined, 96 stocks remain unchanged and around 90 others unable to curb the selling pressures and profit taking on most heavyweight stocks, even when Foreign Investors booked another Net Bought for IDR324.58bn, across the board.

As mentioned on OpisBoi‘s yesterday market review where ” … JCI is setting up a reversal around the 5,640 – 5,675 bps supports … “, another Black Marubozu complement the Identical Three Black Crows Formation, signaling that the market likely experiencing another negative trend tampered by another selling pressures or profit taking. 

From the OpisBoitechindicator’s tidbits, limited downside is shown on the stochastic overbought trading point at 46.89/54.57 areas, indicates that today’s negative swing and the 5,610 pts critical supports area should be able to conceal the selling pressures, or better yet, give an opportunity to accumulate on the next trading day.

JCI expected to walk around 5,600-5,675 pts areas, forming up a Hammer Candle to complete the Ladder Bottom Formation as a supportive reversal signal for the next trading day.

Some of these stocks might still be interesting and should hold the market steady (TradingBuy); HMSP BBNI BBRI KLBF INTP SMGR SMBR PTBA UNTR;  but you might want to hit and run on some of these stocks (TradingSell); LPKR KIJA; Foreign Investors eyed on some of these stocks; BJTM PNBN TBLA DMAS (OnScreen); BUMI BWPT BRMS DOID PWON SMRA;

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