New Minister of Finance has been elected, who is very surprisingly finally becoming our MoF, who is not even ever becoming a Minister, Agus Marto. He was an ex-chief director of Bank Mandiri (BMRI.JK, BMRI:IJ).
Global market is still unstable with a very high volatility, that after Greece's problem has been solved, come another problem, like the prohibition of short selling in Deutsche Exchange, Oil is dropping, Gold, Silver , Platinum & Palladium are too...
Technically, we can see that even the indicators are oversold, there's almost no strength of bull can be shown in the trading time since the bear is taking control. Seems the power of bear is getting stronger & stronger. We can see that the pattern of Elliot wave for this chart is quite valid. So, my analysis today is for the next lower target. If the price is going down without any prolonging of the down pressure, the price target will be quite near which is at 2575-2590, but if the bear is prolonging the power, then the next target will be around 2395-2410.
As we can see that we're still in a wave 3 (down), so the potential to get upward is still open that we must wait for wave 4 (up) confirmation.
Rating : Hold; TP: 2685-2700 ; 2575-2590 ; 2395-2410
Happy Investing^^
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