JCI is predicted to continue strengthening, these stocks can be observed

ILLUSTRATION. Last Friday (19/3), the Jakarta Composite Index (JCI) strengthened 0.13 percent or 8.33 points to 6,356.16.

Reporter: Kenia Intan | Editor: Khomarul Hidayat

KONTAN.CO.ID – JAKARTA. Last Friday (19/3), the Jakarta Composite Index (JCI) parked in the green zone. JCI was recorded to have strengthened 0.13% or 8.33 points to the level of 6,356.16.

Quoting data from the Indonesia Stock Exchange (IDX), the primary consumer goods sector stock index rose the highest to 2.23% after which, followed by the industrial sector which rose 0.60% and the stock index of the raw material sector rose 0.15%.

CEO of PT Indosurya Bersinar Sekuritas William Surya Wijaya said the JCI movement on Monday (22/3) still has the potential to strengthen, although it is limited. According to him, JCI will move in the range of 6,260 to 6,389.

Also Read: JCI is predicted to move limitedly until the end of the first quarter of 2021

Currently, the JCI movement looks like it is trying to shift the range of its consolidation to a better direction. The strong fundamentals of the Indonesian economy also contributed to the increase in the JCI.

“However, fluctuations in the rupiah exchange rate and commodity prices will also color the JCI movement in the future,” he said in a research received by Kontan.co.id, Sunday (21/3).

In the midst of a limited strengthening of the JCI, William advised investors to pay close attention to stocks such as GGRM, UNVR, SMGR, JSMR, ITMG, BBCA, ASII and AKRA.

Not much different, Artha Sekuritas Indonesia analyst Dennies Christoper Jordan also estimates that the JCI will continue strengthening tomorrow. JCI will move with support levels of 6,233 to 6,290, while resistance levels are at 6,372 to 6,388.

“Technically, the stochastic indicator is moving wider after forming a goldencross indicating a potential strengthening,” he said in a research received by Kontan.co.i, Friday (19/3).

He further revealed that the movement was also supported by sentiment from within the country regarding tax relaxation in several sectors. Investors will also be watching China’s interest rate setting.

In the midst of the JCI movement which is predicted to strengthen, said Dennies, these stocks can be observed:

1. PT Ramayana Lestari Sentosa Tbk (RALS)

RALS underwent a correction, but was still closed above the support level. He recommended investors to enter at a price of Rp. 800 to Rp. 820. Stop loss at Rp. 780. Meanwhile, the target price is Rp. 860 to Rp. 880.

2. PT Wijaya Karya Tbk (LANGUAGE)

Experiencing correction and support breakdown. Investors are advised to sell or cut loss. Investors are advised to enter these shares at a price of Rp 1,715 to Rp 1,750. Stop loss at IDR 1,690. The target price is set at IDR 1,790 to IDR 1,830.

3. PT Japfa Comfeed Indonesia Tbk (JPFA)

JPFA is a breakout resistance with quite high volume. Price target, stop loss, and entry level are increased. Investors are advised to enter these shares at a price of Rp 1,920 to Rp 1,950. Stop loss at IDR 1,890. The target price is set at Rp. 2,050 to Rp. 2,100.