The IHSG movement is considered to be saturated with sales, the following stocks are technically attractive

Reporter: Avanty Nurdiana | Editor: Avanty Nurdiana

KONTAN.CO.ID – JAKARTA. The Composite Stock Price Index aka IHSG today (1/10) is estimated to have been oversold, so there is a chance for strengthening. Wednesday (30/9), JCI fell 0.19% to 4,870.04.

Lanjar Nafi Analyst of Reliance Sekuritas explained that technically, JCI today still has the potential to move bearish approaching the support area around 4,816. The stochastic indicator moves bullish momentum after the golden cross with the undevalued MACD indicator and its histogram moving towards the positive area.

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The MFI indicator is bullish reversal with the RSI indicator that is starting to look saturated. So that technically, JCI today (1/10) has the potential to strengthen after testing the support and resistance at 4,816 – 4,970. Shares that can be examined technically include; AALI, BNGA, INDF, IMJS, TINS, TLKM.

On Wednesday (30/9), the JCI closed down 0.19% to the level of 4,870.04. Miscellaneous industrial sectors fell 1.69% and infrastructure fell 1.28% to suppress the JCI movement yesterday.

Although stocks in the basic industry sector rose 1.86% and agriculture rose 1.34%. Investors are pessimistic about Indonesia’s economic growth that has a potential recession and the rebalancing of investors’ portfolios for the third quarter is the main factor.

Foreign investors made a sale of Rp 481.83 billion with TLKM and BMRI shares becoming the top net sell value.

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Lanjar said after a heated US presidential debate highlighted the risk of a contested vote in November 2020. China’s manufacturing sector growth index data rose above expectations for NBS and edged down for Caixin.

This data is a factor in the weakening of China’s stock index amidst the significant decline in the stock index in Japan. Lanjar said global investors were closely monitoring news about the coronavirus vaccine and Washington’s talks for a new stimulus package that will reach a tipping point this week.

Investors also keep a close watch on the results of the US presidential debate, which tends to be fierce in order to get policy direction later in the country with the largest economy in the world.

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Furthermore, Lanjar said, investors’ focus will expand to the ECB conference, the US crude oil inventory report and employment.