Today our index rallied a bit but I think that this is not a confirmation of the bull has been back as the value of transaction for today still less than yesterday's value, but even it's going up a bit & some stocks are showing a buy signal, we can try to have a bit of profit this time but still keep in mind there's only a bit of surge today. Back to the channel but again we see an almost the same pattern of what happened in May.
See the chart at the Green & Red line, as we can see that there's almost the same pattern in the volume, yet both are white candle with a formation "engulfing-like" pattern, both close only a few points below the intraday high.
Based on the pattern, if tomorrow really slides down again, then the next target is around 3200.19 based on Elliot Wave counting.
But still, we can watch some stocks which are quite defensive even in such bad day for our index. When index went down so fast & hard, they aren't went down that fast.
1. Borneo Lumbung Energi & Metal (BORN.JK)
Rating: Buy; Entry: 1770-1790, S/L: 1580-1570, TP: 2050-2100
2. Jasuindo Tiga Perkasa (JTPE.JK)
Rating: Buy; Entry: 1250-1260, S/L: 1180-1170, TP: 1610-1630
Happy Investing^^
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