JCI Predicted to Strengthen Again, Check Today's Stock Recommendations

Illustration of stock movement (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) has the opportunity to strengthen again at the start of the week. Although, the JCI also has a limited chance of correction.

Quoting MNC Sekuritas research, Monday, November 6, currently the JCI position is estimated to be at the beginning of wave III of wave III.

So, even though it is corrected, it will tend to be limited to testing the 6,711-6,755 range first.

"As long as the JCI is not corrected again below 6,639, it is estimated that the JCI has the opportunity to strengthen again to test 6,881-6,938," the research quoted.

The support will be at 6,622 to 6,578. Meanwhile, resistance is in the range of 6,840 to 6,772.

Previously, the JCI strengthened 0.5 percent to 6,788 accompanied by an increase in purchasing volume, the strengthening had already hit the closest target we gave and was held back by the MA200.

Stock Recommendations

BSDE - Buy on Weakness

BSDE strengthened 1.5 percent to IDR 1,020 and was still dominated by purchasing volume, but BSDE's strengthening was restrained by MA20. As long as BSDE is still able to move above 935 as its stoploss, BSDE's current position is estimated to be at the beginning of wave [c], so BSDE still has the opportunity to continue its strengthening.

Buy on Weakness: IDR 975-IDR 1,010

Target Price: IDR 1,050, IDR 1,120

Stoploss: below IDR 935

ERAA - Buy on Weakness

ERAA strengthened 2.3 percent to IDR 362 and was still dominated by purchasing volume. As long as ERAA is still moving above 342 as the stoploss, ERAA's position is estimated to be at the beginning of wave [iv], so ERAA still has the opportunity to strengthen.

Buy on Weakness: IDR 352-IDR 360

Target Price: IDR 384, IDR 396

Stoploss: below IDR 362

ERAL - Spec Buy

ERAL corrected 0.6 percent to IDR 318 accompanied by an increase in sales volume. As long as ERAL moves above IDR 300 as its stoploss, ERAL's position is currently at the beginning of wave [iii], so ERAL still has the opportunity to turn stronger.

Spec Buy: IDR 310-IDR 318

Target Price: IDR 338, IDR 356

Stoploss: below IDR 300

ESSA - Buy on Weakness

ESSA strengthened 3.5 percent to IDR 595 accompanied by an increase in purchasing volume. As long as ESSA is still able to move above 550 as its stoploss, ESSA's current position is estimated to be at the beginning of wave [a] of wave Y.

Buy on Weakness: IDR 565-IDR 590

Target Price: IDR 655, IDR 725

Stoploss: below IDR 550.