JAKARTA – Technical analysis from PT Ina Sekuritas Indonesia has provided insights into the potential movement of PT Bumi Resources Tbk (BUMI) shares as of Tuesday, March 11.

The sentiment surrounding the planned adjustment of mineral and coal royalty rates is expected to have a positive impact on BUMI.

From a technical perspective, BUMI’s stock is currently in a bearish trend, testing its 20-day moving average (MA20) during yesterday’s trading. However, the stochastic indicator suggests the potential for a breakout of this trend if BUMI’s price can rise above Rp102–Rp105 per share today.

Bumi Resources operates in the coal and oil industries, with subsidiaries spanning energy, property, investment, and financial services sectors.

For a detailed technical analysis of BUMI shares, refer to the accompanying video. (DK/ZH)

Chart: Bloomberg