JAKARTA - Technical analysis from PT Ina Sekuritas Indonesia outlines the price movement outlook for shares of PT Astrindo Nusantara Infrastruktur Tbk (BIPI) on Friday (10/4).

Ina Sekuritas analysts recommend BIPI shares today with a buy if breakout rating.

The candlestick pattern indicates a continuation of a rebound trend from support, with the price now testing resistance at IDR 250.

According to the analysts, the formation of a golden cross between the Moving Average 5 (MA5) and MA20 signals potential for further upside, provided the price is able to break through the resistance level at IDR 250.

The next resistance levels for BIPI are seen at IDR 265 and IDR 285, with support around IDR 232.

As previously reported by IDNFinancials.com, the mining company owned by the Halim Jusuf consortium is expanding into the waste-to-energy processing business.

BIPI has acquired shares in two affiliated entities of PT Maharaksa Biru Energi Tbk (OASA), namely PT Indoplas Energi Hijau (IEH) and PT Maharaksa Energi Hijau (MEH).

For the full technical analysis of BIPI shares, refer to the accompanying video. (DK/ZH)

Chart: Bloomberg