Daily Research 06 February 2018
- 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.