IHSG TA KI 2 September 2014

TECHNICAL ANALYSIS
JCI : (5,178, +0.8%)
Comment :
BBCA, TLKM and UNVR consecutively became leading movers. Technically, JCI closed above historical support level 5,144, so the penetration of support level 5,144, which occured on previous day have not confirm yet. Next support level is at 5,040, which is a support level of mid-term uptrend line. The penetration on the support level of 5,040 will cause JCI's mid-term trend to turn into negative. Historically, resistance level is at 5,194 and 5,223. When viewed with classical technical approach, JCI is likely to form a bearish rising wedges pattern if break support level of 5,150 with theoretical target in the range 4,800-4,830. Adopting the elliot wave approach and if there is no extention, mediumterm bullish cycle of JCI is nearing the end and currently JCI forming impulsive wave 5 of 5. If JCI moves below the level of 5,040, it’s indicates that the medium-term of up cycle (impulsive wave 5 of 5) has complete (finished) and JCI doing the mid-term corrective wave abc and could potentially move to mid-term support level of 4,835.