ELTY 61.8% Retracement, TP: 225

Bloomberg Code: ELTY:IJ
Reuters Code: ELTY.JK

I would like to discuss ELTY from technical point of view. In my observation, ELTY start the long rally at 55 level and reached the highest level at 390. In the last few months ELTY has been decreasing substantially due to its group (Bakrie) right issue for some of its subsidiaries. The Dubai crisis also has triggered this stock to go down further.

I would show you some chart to get some ideas to buy this stock with fibonacci retracement approach. With its rally from 55 to 390, the 61.80% retracement is around 183 level. If in the next few days the stock shows some strong support around 183, I would recommend a speculative buy for this stock.


(Source: Dongsuh Securities)

BUMI has rebounded more than 8% today. I am expecting that the other Bakrie stocks would follow BUMI to rebound. I would set 222.5 level as the first target (50% retracement), with potential gain about 20%.

Here is the complete retracement level:

23.60%	310.94
38.20%	262.03
50%	222.5
61.80%	182.97
100%	55