As we see that today our index of Indonesian Stock Exchange continued its loss by 35 pts. Well, we can see that since the chart has created 4-black candles in a row, and the end of the day, the index recovered a bit and closed a bit higher than at the mid-day. This indicated the market is stopping their profit taking actions & cutting losses actions. This is because of some "marginner" has been forced sell yesterday & today, so that the continuation of the droppings, will be postponed a while.
Since the stock exchange was 'bombarded', the US$-IDR increased with the weakened dollar as foreign investor are realizing their profit & loss. Looking at the increment of the currency, investor is selling their stocks one by one & invest in US$ for a moment, yet the "World-Cup" phenomenon is one of the sentiment of their actions. As some of them might gamble in the matches, well, the other factor that cause the stocks go down in the "World-Cup" is the in-efficiency of working happen inside firms, in which people work & watch the World Cup together, so that they won't be able to work effectively & efficiently.
Technically, there are no indicators that showing buy signal but William's%R indicator, which showed a buy signal for today. Well, base on the theory of candle that after several days of black, there might be a day of white, and tomorrow might be the day, because usually 3-4 days black will be followed by a white. The other theory that support will rebound, is the MA theory in which the JKSE has a strong support at MA45, which index closed just at the EMA. We can see that based on the Keltner Bands that once the candle crossed downward to the bands, then the next day might be a rebound. Since, the economic is still not so good, the upward force will not be as big as what we want.
Rating: Sell On Strength; TP: 2830-2850
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