JAKARTA – Technical analysts at PT Ina Sekuritas Indonesia project potential upside in the shares of PT Bumi Resources Minerals Tbk (BRMS) based on price movements as of Monday (14/4).

Technically, BRMS shares are showing a rebound signal from a support level and are currently testing the 20-day moving average (MA20). If the price manages to break through the IDR 350 level per share, there is potential for continued strength toward the resistance at IDR 370.

However, should the price movement fail to meet expectations, a cut-loss is recommended in the IDR 330–275 per share range.

For context, BRMS operates in the mineral mining sector, focusing on exploration and development of mines for various minerals such as copper, gold, zinc, and tin.

Amid rising global demand for gold driven by economic uncertainty, global gold prices have strengthened significantly, recently breaching the level of USD 3,200 per troy ounce.

Further technical analysis of BRMS shares is available in the following video. (DK/ZH)