Head of Research Retail MNC Sekuritas, Herditya Wicaksana or Didit, believes that if the Composite Stock Price Index (IHSG) can break through the 6,682 level, IHSG still has the potential to test the 6,686 to 6,762 levels as its nearest strengthening area. However, if it fails to break the 6,682 level, IHSG remains vulnerable to a correction in the range of 6,408 to 6,484. Didit also notes that IHSG has the potential within the support level range of 6,361 or 6,246 and the resistance level of 6,698 or 6,818.
MNC Sekuritas technical stock recommendations for today’s trading day, Thursday, are as follows:
PT AKR Corporindo Tbk (AKRA): AKRA strengthened by 1.95 percent to 1,305 level with continued buying volume. Therefore, AKRA still has the potential to continue its uptrend.
Recommendation: Buy on Weakness
Target Price: 1,350 to 1,415
Stop Loss: Below 1,230
PT Bank Rakyat Indonesia Tbk (BBRI): BBRI strengthened by 2.64 percent to the 3,890 level with dominating buying volume. In the black scenario, BBRI is still at risk of correction to form part of wave [c] of wave 2, but if BBRI can break the 3,990 level, the red scenario will prevail.
Recommendation: Buy on Weakness
Target Price: 4,050 to 4,290
Stop Loss: Below 3,360
PT Bank Mandiri Tbk (BMRI): BMRI strengthened by 2.95 percent to the 4,880 level with dominating buying volume. Therefore, BMRI is still at risk of turning to correction first.
Recommendation: Buy on Weakness
Target Price: 5,050 to 5,550
Stop Loss: Below 4,330
PT Harum Energy Tbk (HRUM): HRUM corrected by 1.97 percent to the 745 level with selling pressure emerging. HRUM is likely to continue its correction to test the range of 600 to 660.
Recommendation: Sell on Strength
Meanwhile, on Wednesday’s trading day, foreign investors recorded a net purchase of Rp148.58 billion in all markets and Rp188.05 billion in the regular market. On the other hand, they recorded a net sale of Rp39.47 billion in the negotiation and cash markets.
