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  Equity Research Weekly Market Outlook
Weekly Market technical outlook 03-10-2016 (english version)
IDX not so gloomy October
 
Correction over, time for some upside fireworks: We look at the month of September filled by corrective moves by the bear camp to a low of 5.130 followed by vicious buying by the bull camp rallying the index back to the yearly high at 5.470 as proof that the bulls are in charge and won the tug of war between upside and downside probability scenarios. Thus it seems that the correction phase may be over and that it may be time for some upside fireworks to follow for breaching the yearly high at 5.470 and possibly proceed to take out resistance at the all time high at 5.525.

Oil and currency stronger on fed certainty: We view the rupiah and oil getting stronger by the day may be a function of positive sentiment from fed certainty on future interest rate policy, particularly the next expected december rate hike.

Stock picks & 1-week targets: (BUY: ASII, BBNI, BSDE, WSKT)


1. Astra International (ASII)  (BUY) (Trading target: Rp.8.850) 

Entry buy (1) Rp.8.575, Entry buy (2) Rp.8.475, Cut loss point: Rp.8.275

 

2. Bank BNI  (BBNI) (BUY) (Trading target: Rp.5.850)

Entry (1) Rp.5.525, Entry (2) Rp.5.425, Cut-loss point: Rp.5.325

 

3. Bumi Serpong Damai (BSDE) (BUY) (Trading target Rp.2.450)

Entry: (1) Rp.2.180, Entry (2) Rp.2.120, Cut loss point Rp.2.080

 

4. Waskita (WSKT) (BUY): (Trading target Rp.2.850) 

Entry: (1) Rp.2.650, Entry (2) Rp.2.570, Cut loss point Rp.2.490

 

 

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 Yuganur Wijanarko Senior Research (yuganur.wijanarko@kgi.com)

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