IHSG Tuesday Potentially Corrected, Analyst: Six Stocks Worth Collecting

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) is projected to correct in today's trading, Tuesday, October 22. Phintraco Sekuritas in its research estimates that IHSG will move in the resistance range of 7,830, pivot 7,750, and support 7,650.

Phintraco Sekuritas explained that technically, IHSG formed a spinning top pattern which indicates a potential trend reversal. MACD movement tends to be sideways and stochastic RSI is in the overbought area.

"Thus, be aware of the potential for a reasonable correction in IHSG today, with the support level at 7,650," wrote Phintraco Sekuritas.

Phintraco Sekuritas said that the domestic market seems to have responded positively to the conducive leadership transition from President Jokowi to President Prabowo yesterday. In addition, this positive sentiment was also driven by the continuation of the positions of several important ministers, one of which was the Minister of Finance who was again held by Sri Mulyani.

"With the re-election of Sri Mulyani who has a fairly good track record and her continued trust to lead the financial sector, it seems to be able to reduce the risk of market concerns regarding the Minister of Finance who will serve during Prabowo Gibran's term," explained Phintraco Sekuritas.

Going forward, Phintraco Sekuritas said, the market is expected to still have minimal sentiment, both globally and domestically. However, market players are still waiting for the release of several economic data, both internationally and domestically.

From globally, Phintraco Sekuritas said, the UK will release Public Sector Net Borrowing data for September which is expected to worsen again from 13.73 billion pounds in August to 14.70 billion pounds in September.

"Meanwhile, domestically, the market is waiting for the release of M2 Money Supply data for September. where in the previous month M2 Money Supply was at 7.3 percent YoY," added Phintraco Sekuritas.

Meanwhile, Phintraco Sekuritas recommends six stocks that have the potential to make money today, namely MEDC, ELSA, ASII, SRTG, TOBA and ADMR.