JCI is predicted to strengthen again tomorrow, take a closer look at these stocks

ILLUSTRATION. Employees cross the stock trading monitor screen at the Indonesia Stock Exchange (IDX), Jakarta, Friday (16/10) ../ pho KONTAN / Carolus Agus waluyo / 16/10/2020.

Reporter: Kenia Intan | Editor: Tendi Mahadi

KONTAN.CO.ID – JAKARTA. Composite stock price index (IHSG) closed in the green zone at the opening of trading this week, Monday (19/10). JCI was recorded to have strengthened 0.45% to the level of 5,126.33.

Quoting data from the Indonesia Stock Exchange (IDX), the majority of sectors on the stock exchange tend to strengthen today. The mining sector recorded the most significant gain of 1.43%. After that followed by the financial sector up to 1.07%. There are also various industrial sectors which rose by 0.84%.

Seeing the JCI turning green today, Artha Sekuritas Indonesia analyst Dennies Christoper Jordan, revealed that today’s strengthening was supported by positive sentiment from economic data from China. It is noted that GDP shows the figure of 4.9% is still quite good even though it is slightly below expectations.

Also Read: IHSG turned green again, all mutual funds recorded a slick performance last week

For trading tomorrow Tuesday (20/10), Dennies estimates that JCI will continue strengthening. JCI will move with levels support 5,101 to 5,076. While level resistancethe figures are at 5,139 to 5,152.

“The movement is driven by expectations for the Covid-19 vaccine and stimulus from the United States which is currently still being considered,” said Dennies in a research received by Kontan.co.id, Monday (19/10).

He further explained that investors will look forward to the determination of interest rates from China in tomorrow’s trade. In addition, investors are still worried about a spike in Covid-19 cases both from within the country and from Europe.

Amid the strengthening of the JCI, analysts were watching for these stocks:
1. PT Indika Energy Tbk (INDY)
Underwent correction after breakout resistance. Still stuck around support. Analysts suggest that investors enter INDY shares at a price of Rp. 915 to Rp. 930. Stop loss at Rp. 975. Meanwhile, the INDY price target is at Rp. 1,040 to Rp. 1,060.

Also Read: JCI rebounded 0.45% to 5,126.33, Monday (19/10), foreign net buy was Rp 387.41 billion

2. PT Astra International Tbk (ASII)
Stochastic widen after shaping goldencross indicates potential reinforcement. Investors are advised to enter at a price of Rp. 4,900 to Rp. 4,950. Stop loss at IDR 4,850. The ASII price target is at Rp. 5,050 to Rp. 5,100.

3. PT PP Tbk (PTPP)
Formation forming flag in the short term timeframe daily has the potential to continue strengthening. Analysts suggest entering PTPP’s shares at a price of Rp. 915 to Rp. 930. Stop loss at Rp. 900. Meanwhile, the target price is Rp. 960 to Rp. 980.