JCI on Monday Has The Opportunity to Continue Strengthening, These are Stocks That Can Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) has the opportunity to continue strengthening at the beginning of the week, Monday 19 February. However, investors need to be careful because the JCI is prone to being exposed to natural corrections due to profit-taking.

For your information, the JCI shot up 1.39 percent last week. After the General Election (Pemilu) & Presidential Election (Pilpres) which took place on Wednesday, the JCI jumped two days in a row. Each rose 1.30 percent and 0.44 percent to 7,335.54.

Phintraco Securities in its research highlighted that the majority of Wall Street indices were under pressure at the end of last week. This correction ended the weekly strengthening rally of Wall Street indices in the previous five weeks.

Phintraco Sekuritas sees a pullback on Wall Street as potentially overshadowing the JCI, especially at the start of this week.

"Technically, the strengthening of the JCI is still overshadowed by the formation of a long upper-shadow after the election. The JCI is estimated to consolidate in the range of 7,250-7,380 this week," explained research by Phintraco Sekuritas.

Meanwhile, in trading this Monday, according to Phintraco Sekuritas, JCI support was at 7,275, pivot at 7,330, and resistance at level 7,380.

Preferred shares (top pick) for Monday include PT Telkom Indonesia (Persero) Tbk (TLKM), PT Sumber Alfaria Trijaya Tbk (AMRT), PT Mitra Adiperkasa Tbk (MAPI), PT Elnusa Tbk (ELSA), PT Indocement Tunggal Prakarsa Tbk ( INTP) and PT Media Nusantara Citra Tbk (MNCN).