Daily Research 06 February 2018

S2 S1 IDX R1 R2
6,444.5 6,538.0 6,589.7 6,680.6 6,750.0
  • Dow Jones closed 4.6% lower at 24,345 backed by concerns of potential rate hike
  • Regional market opened lower following sell-offs on European and US markets with Australia down by 2.8%, Nikkei down by 4.7%, and Kospi down by 2.2% this morning.
  • Rupiah depreciation and lower crude oil also send negative sentiments over emerging markets.
  • We expect IDX to trade sharply lower this morning but it may get intraday rebound on the second session today as global sell-offs not backed by fundamental reasons. In fact, US 10- year Government bond yield dropped 11 basis points at 2.73% this morning.
    CPIN                                                                        Buy on Weakness
    S2 S1 Level R1 R2
    3,000 3,610 3,250 3,380 3,560

    CPIN closed the session lower with a long black candle formation near its diagonal support indicating a limited downside potential.

    ELSA                                                                       Buy On Weakness
    S2 S1 Level R1 R2
    372 394 426 458 480

    ELSA closed the session lower near diagonal support with a thin volume suggesting a limited downside potential.

    ISAT                                                                          Sell On Strength
    S2 S1 Level R1 R2
    5,000 5,300 5,475 5,650 5,950

    ISAT closed the session lower with a bearish engulfing
    formation suggesting a further downturn.

    SRIL                                                                        Buy On Weakness
    S2 S1 Level R1 R2
    358 370 376 386 404

    SRIL ended the trading negatively near diagonal support with a thin volume and open gap down that could dampen a further downside movement.

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