JAKARTA – A technical analysis from Ina Sekuritas Indonesia highlights the movement of shares in PT Pertamina Geothermal Energy Tbk (PGEO), Monday (24/3).

Technically, PGEO shares are still moving within a bearish trend. However, the price surpassing the Moving Average 5 (MA5), along with a positive signal from the stochastic indicator, suggests a limited potential for strengthening.

Ina Sekuritas analysts estimate that PGEO shares may test resistance levels in the range of IDR 825 to IDR 835.

On the other hand, if the price movement does not meet expectations, investors are advised to cut losses at IDR 735 to IDR 725 to minimise potential losses.

For information, PGEO plans to distribute dividends with an estimated Dividend Payout Ratio (DPR) of 80% to 90%.

PGEO operates in geothermal exploration, exploitation, and production and is a subsidiary of PT Pertamina Power Indonesia.

Investors can view further technical analysis through the following video. (DK/KR/ZH)