JCI Tests All Time High Level, Beware Of Profit Taking Actions

Illustration. (Doc. Antara)

JAKARTA - Closing the first week of February, the Jakarta Composite Index (JCI) recorded its highest closing level of all time. JCI was at the level of 6,731.39 or strengthened 47.54 points (+0.71 percent) in trading Friday, 4.

During Friday's trading, there were 284 stocks that rose, 222 stocks declined, and 174 stocks closed without changing prices.

According to Panin Sekuritas analyst William Hartanto, the strengthening of the JCI last week was supported by net buying by foreign investors. "There is also a strengthening of big-cap stocks," said William, Sunday, February 6.

Referring to last week's trading, William also projects that the JCI has the potential to strengthen again in today's trading (Monday, February 7). "JCI will test the all-time high (intraday) at 6,754," William added.

However, William warned of the potential for profit-taking when approaching that level. "So it can limit the strengthening of the JCI," he added.

With these factors, William estimates that the JCI has the potential to move mixed, tending to strengthen in the range of 6,645 - 6,754.

Here are some stocks based on William's technical analysis that investors can monitor.

PT Bank Rakyat Indonesia (Persero) Tbk (BBRI)

Sideways Trend: Experiencing sideways movement in the area of IDR 4,000 - IDR 4,240. Recommendation: Buy and hold can be done as long as the price is able to stay above IDR 4,000, the target price is IDR 4,240 - IDR 4,400, stop loss if it decreases below IDR 4 .000. Support: IDR 4,000; IDR 3,780.Resistance: IDR 4,240; IDR 4,310; IDR 4,370.

PT Dharma Satya Nusantara Tbk (DSNG)

Chart Pattern: Forming a hammer pattern after 3 days of weakness indicates increasing purchasing power and restraining price weakness. Recommendation: Buy IDR 545 - IDR 555, target price IDR 600 - IDR 630, stop-loss if the price drops below IDR 535.Support: IDR 535; IDR 500.Resistance: 600; 615; 630.

PT Samudera Indonesia Tbk PT (SMDR)

Resistance Breakout: Strength through the resistance at IDR 975 confirms a bullish flag pattern (bullish pattern indicates continued strength). Recommendation: Buy IDR 1,000 - IDR 1,040, target price IDR 1,145, stop loss if price drops below IDR 975. Support: IDR 1 .000; IDR 975.Resistance: IDR 1.110; IDR 1.145.

PT Waskita Karya (Persero) Tbk (WSKT)

Chart Pattern: Forms a shooting star pattern which is a bearish pattern. The pattern formed at the highest price of IDR 695 indicates a resistance test of IDR 700. Recommendation: Sell on strength. Support: IDR 620; IDR 570.Resistance: IDR 700; IDR 740; IDR 815.