JAKARTA - Technical analysis from PT Ina Sekuritas Indonesia provides an overview of the direction of the share price movement of PT Bukit Asam Tbk (PTBA) on Wednesday (21/5).

From a technical perspective, PTBA's share price shows weakness and is testing the support level.

If the price of PTBA shares is above the support level, there is potential for a rebound towards resistance in the range of IDR 2,950-Rp2,970 per share.

Meanwhile, the support level for PTBA shares is in the range of IDR 2,800-Rp2,790 per share.

In addition, coal prices strengthened on Wednesday (21/5) and moved above the US$100 per tonne level. This is a positive sentiment for PTBA shares.

Based on technical analysis and stronger coal prices, Ina Sekuritas recommends to buy on weekness on PTBA shares at this time.

PTBA is engaged in coal mining. In addition, the company also has subsidiaries engaged in other fields, such as PT Bukit Multi Investama which focuses on agriculture, plantations, and property.

Technical analysis of PTBA shares can be seen in this video. (DK/KR/VA/LM)

Chart: Bloomberg