Pinched Day, JCI Is Predicted To Strengthen Limited

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JAKARTA - The Composite Stock Price Index (JCI) is predicted to strengthen depending on today's trading.

Citing MNC Sekuritas research, the JCI position is at the end of wave [a] from wave B, so the JCI's strengthening will be relatively limited. The strengthening area is expected to re-test 6,785-6,840.

"Be aware, there will be potential for a reversal of the direction from the JCI to form a wave [b], where we estimate it will test 6,364-6,618," quoted the research, Jakarta, Friday, May 2.

In the previous trade, the JCI strengthened 0.26 percent to 6,766 accompanied by an increase in the volume of purchases. The support today is 6,708-6,585 while the resistance is at 6,818-6,877.

Here are today's stock recommendations:

INCO - Spec Buy

INCO corrected 0.80 percent to 2,490 accompanied by an increase in selling pressure. We estimate that as long as INCO is still able to be above 2,420 as its stoploss, then INCO's position is currently expected to be at the end of the wave (a) of wave [iv].

Spec Buy: 2,460-2,480

Target Price: 2,650, 2,810

Stoploss: below 2,420

MAPI - Buy on Weakness

MAPI strengthened 0.74 percent to 1,365 and was accompanied by the emergence of selling pressure, but the correction was still stuck by MA60. We estimate that MAPI's position is at the beginning of wave [c] from wave B.

Buy on Weakness: 1,320-1,360

Target Price: 1,455, 1,485

Stoploss: under 1,285

MIDI - Buy on Weakness

MIDI strengthened 14.04 percent to 390 accompanied by high volume purchases. Currently, we estimate that MIDI's position is in part of wave 3 of the wave (C), so that MIDI is estimated to still have the opportunity to continue strengthening.

Buy on Weakness: 364-386

Target Price: 404, 432

Stoploss: below 342

ESSA - Sell on Strength

ESSA corrected 2.42 percent to 605 and is still dominated by selling pressure, the correction is still able to be restrained by MA20. Currently, we estimate that the ESSA position is at the beginning of the [v] wave from wave C, so ESSA is prone to continuing its corrections to the range of 446-530.

Sell on Strength: 615-625