The Jakarta Composite Index (JCI) faced a continued decline, ending the trading session down by 0.61% at 7,048.22 on Tuesday. This downward movement has raised concerns among investors, with analysts predicting that the JCI could be at risk of further correction, potentially trading within the range of 6,745 to 6,849 in the coming days.
In light of the ongoing bearish trend, it becomes increasingly important for investors to pinpoint stocks that might yield profits despite the market’s downturn. Analysts from PT MNC Sekuritas have highlighted that the JCI appears to be navigating through a downturn phase, currently in wave (v) of wave [c], indicating the likelihood of further corrections. Conversely, PT Pilarmas Investindo Sekuritas remains cautiously optimistic, asserting that the JCI could strengthen, especially with a key resistance level identified at 7,240.
Among the stocks drawing particular interest are PT Bank Central Asia Tbk (BBCA), PT Harum Energy Tbk (HRUM), and PT Jafpa Comfeed Tbk (JPFA). Analysts recommend closely monitoring BBCA, which, despite being in a bearish cycle, presents a potential buying opportunity as its share prices are trading around IDR 5,975 in support, with resistance at IDR 6,800. The current wave analysis suggests that BBCA could be an attractive buy during any price dips.
Furthermore, HRUM and JPFA are also catching investor attention due to prevailing selling pressures. While HRUM has shown signs of correction, it remains buoyed by support at the 200-day moving average (MA200). On the other hand, JPFA is positioned above its 20-day moving average (MA20), indicating potential short-term buying opportunities for investors willing to act on weakness.
Additionally, shares of PT XL Axiata Tbk (EXCL) and PT Barito Pacific Tbk (BRPT) have been identified by PT Pilarmas Investindo Sekuritas as stocks to watch. Their selection is based on favorable technical analysis and recent daily trading trends, suggesting that they may have the potential for a rebound.
Given the current market uncertainty, investors are urged to adopt cautious strategies, paying close attention to crucial support and resistance levels while also being aware of external factors that could influence the JCI. Although challenges persist, opportunities for profit remain available for those willing to navigate the risks prudently.
