JAKARTA – Technical analysis from PT Ina Sekuritas Indonesia outlines the price direction of shares in PT Vale Indonesia Tbk (INCO) on Wednesday (25/2).

INCO shares are moving in a bullish trend, with the latest candle holding above the IDR 6,900 to IDR 6,830 area.

Analysts added that INCO’s share movement is supported by the continued strengthening in nickel prices.

At Tuesday’s (24/2) close, nickel rose 3% to USD 17,909 per metric tonne (MT).

This provides potential for INCO shares to rebound towards the next resistance level at IDR 7,500. Support is seen in the IDR 6,900 to IDR 6,830 range.

INCO operates in integrated nickel mining and processing, primarily producing nickel in matte from laterite ore.

As one of Indonesia’s largest nickel producers, INCO operates in Sorowako, South Sulawesi, focusing on raw materials for stainless steel and electric vehicle batteries.

For further details, the full technical analysis of INCO shares can be viewed in the accompanying video. (DK/ZH)

Chart: Bloomberg