Market Update (May 5, 2017)


(OpisBoi‘s Technocopter) Bargain hunting on some heavyweight stocks (on the Banking/Finance (1.28%), Basic-Industry (0.83%), and Infrastructure (0.65%) sectors), managed to hold the JCI (Indonesia Composite Index) on its positive territory, pushed it slightly higher by 0.39% compared its previous close on Wednesday and closed at 5,669.44 pts where a total of 210,966,484.00 shares were traded.

This time, Foreign posted a Net Sell Value by IDR313.56bn across the board (note: Net Bought IDR23,17tr ytd). There were 137 stocks tried to hold the Indonesian Benchmark in the Green Zone Areas, whilst 205 others slipped and closed on their negative territories. 

Previously, OpisBoi were expecting a Hammer Candle to conclude a preliminary signal to complete a Ladder Bottom Formation on Wednesday. Yet, identical Bullish Harami (observe the formation shaped on April 18, 2017) which came up, could also give an opportunity for the JCI to carry out a technical rebound this Friday or in the next trading day.

Having said that, a Hold/Trading recommendation based on the OpisBoi‘s short-term trendicators, the critical support at 5,640 – 5,645 pts were expected to be able to hold another negative swing mode or selling pressures on today’s first trading session, so could give a good opportunity to eye on heavyweight stocks and drive the JCI to walk around 5,630 – 5,685 pts.

Some of these stocks might still be interesting and should hold the market steady (TradingBuy); HMSP UNVR GGRM BBNI BMRI INDF KLBF INTP PGAS;  you might want to put an eye on; UNTR 24,900 – 24,925 considered a good space to accumulate for a 27,000 resistance target; Foreign Investors eyed on some of these stocks; BBTN PNBN CTRA PTBA HRUM WIKA (OnScreen); BUMI BWPT BRMS DOID PWON SMRA;

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