Friday, 27 April 2007 12:47:04
StockWatch (Jakarta) - Increase in shares of PT Pan Brothers Tex Tbk (PBRX) are considered to be caused by speculations although the shares are technically uptrend, after closing higher yesterday (26/4) by IDR60 at IDR710 per share.
Muhamad Karim, an analyst at PT Reliance Securities Tbk (RELI), said that the garment company's shares still have a potential to climb up further, moreover considering the bullish market with the index breaking level 2,000.
Karim said further that PBRX managed to break level IDR710 per share which indicated that the shares had been affected by the market movement in general umum.
He said that technically the shares have moved sideways in the last one month after breaking resistance target at IDR690-700 per share. He said the stock price is now close to the support of the rectangle formation after the rounding bottom pattern which was formed previously failed to confirm.
Meanwhile, the MACD and the RSI indicators are moving downtrend which should mean a sign of consolidation in the short term. Karim said that the market hike in general is likely to change the movement trend of PBRX in the future .
Karim said further that since the stock is moving closer to the support of the rectangle formation, investors are called to do a speculative buying with resistance target around level IDR750 per share. (esta/bud)
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