Bisnis.com, JAKARTA – Samuel Sekuritas Indonesia recommends investors take action on the ICBP, PGAS, JSMR and BBTN stock sell trading on Monday (6/29/2020) trading.
The Composite Stock Price Index (CSPI) closed last weekend by rising 0.150 percent or 7.358 points to 4,904,088. Market capitalization was valued at Rp5,694.460 trillion.
The increasing factor of the second wave of Covid-19 cases in a number of countries has put pressure on global stock markets, including Indonesia. In addition, the International Monetary Fund (IMF) projections related to a much deeper recession in 2020 and slower recovery also contributed to negative sentiment.
The IMF predicts global gross domestic product (GDP) will shrink 4.9 percent this year or deeper than the 3 percent projection issued April 2020. Meanwhile, the IMF projects growth of only 5.4 percent in 2021 or down from the previous prediction of 5.8 percent .
This prediction masked positive domestic catalysts related to the government’s plan to place Rp30 trillion in funds at the state-owned bank (Himbara) previously placed at Bank Indonesia (BI).
Samuel Sekuritas Indonesia analyst William Mamudi said that the CSPI (4,904) still formed a prolonged doji. This gives an indication that the 4,700-5,100 sideways market will continue towards the close of semester I / 2020.
“For today we like ICBP, PGAS, JSMR shares with buy trading rating, and BBTN with sell trading ratings,” he explained.
The following is a review of Samuel Sekuritas selected stocks today, Monday (6/29/2020).
ICBP continues its bullish sentiment after the 9,000 triangle resistance breakout. The target can watch for the next resistance level at 9,800-10,000.
PGAS is stuck at the resistance level of 1,150, and now has the potential to form a triangle pattern. If it breaks out, the potential for PGAS closes the gap at the level of 1,300.
JSMR has continued its uptrend momentum since the beginning of June. As long as the uptrend line is not broken, the next resistance target could be noticed at 4,800-4,900 levels.
BBTN forms a shooting star candle at a resistance level of 1,250. Potential selling pressure will strengthen from this level, and BBTN could be under pressure again to test the uptrend line.
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