JAKARTA – PT Ina Sekuritas Indonesia provided a technical analysis on the movement of PT Bukit Asam Tbk (PTBA) shares on Wednesday (21/5).

Based on the technical analysis, PTBA shares are currently showing weakness and are testing their support level.

If the PTBA share price is able to hold above the support range of IDR 2,800–2,790 per share, there is a potential for a rebound toward the resistance level of IDR 2,950–2,970 per share.

In addition, the recent rise in coal prices—surpassing the USD 100 per tonne mark on Wednesday (15/5)—acts as a positive catalyst that supports the potential strengthening of PTBA’s share price.

Taking into account the technical indicators and the rise in coal prices, Ina Sekuritas recommends a “buy on weakness” strategy for PTBA shares.

As background, PTBA is a company engaged in the coal mining sector.

It also owns subsidiaries such as PT Bukit Multi Investama, which is focused on agriculture, plantations, and property.

Investors can view the full technical analysis of PTBA shares in the following video. (DK/KR/ZH)