JAKARTA: Jakarta Composite Index (JCI) has oversold and is likely to rebound. The following are recommendations from several brokerage firms:
Based on technical analysis, stock index was closed with candlestick forming doji pattern with support level at 3,907. It indicated a confirmation of technical rebound signal. Some mining stocks which will show rebound signal are HRUM, PTBA and ADRO.
Jakarta Composite Index (JCI) is likely to rebound today with a range of support-resistance level between 3,909 and 4,000.
Confirmation of a technical rebound will be happened if the JCI returned into the Bollinger bands at 3,960 and passed the midpoint of 3,967. Stocks that should be observed are ADRO, SMGR, and UNTR.
Based on the technical analysis, the index has been oversold and there is a possibility of a technical rebound in the range of 3,912-3,965. Stocks that may be considered for day trading are UNTR, BTPN, SMGR, and ASRI.(T03/msw)