BUMI is forming a higher degree of an ABC simple corrective wave. The potential strong support are around Rp1,450-1,530 and the maximum correction target is at Rp1,050. The correction will more than likely end around 4-11 Jun 10. A Beautiful Moment (Click the picture to open the original size) The picture above shows BUMI in similar characteristics between 15 May 09 and 24 May 10. They have the same characteristics in the same month, and with the same (near) closing price. It closed at Rp1,790 in 2009 and Rp1,780 in 2010, after hyper-volatile trading sessions. Based on previous history, BUMI should move sideways for the next two or three weeks at around Rp1,630-2,150. |
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