Pediafx.com – Tuesday 29 August 2023
Pediafx.com, – The Composite Stock Price Index (IHSG) has the potential to continue its upward trend in Tuesday’s stock trading (29/8/2023). However, investors are advised to remain cautious of a possible correction if the IHSG breaks below the support level of 6,834.
The IHSG closed up 0.4 percent at 6,921, accompanied by an increase in buying volume, enabling the IHSG to stay above the 20-day moving average (MA).
Analyst at PT MNC Sekuritas, Herditya Wicaksana, stated that the IHSG is currently in wave v in the red label, which will lead to further strengthening towards 6,966-7,013.
“However, caution should still be exercised as there is a potential for a correction to 6,793-6,900 if the IHSG breaks below the support level of 6,834 to penetrate wave iv in the black label,” he said.
Herditya predicted that the IHSG is at the support levels of 6,855 and 6,834, with resistance levels at 6,966 and 7,053 in this week’s Tuesday trading.
Meanwhile, Analyst at PT RHB Sekuritas Indonesia, Muhammad Wafi, stated that the IHSG appears to have rebounded from the support of the 20-day moving average (MA) line with a kicking candle and breakout of the MA5 resistance line accompanied by volume.
“As long as it remains above the MA5 line, there is a chance for it to make a higher high (HH) level and continue its bullish phase,” said Wafi.
He added that if it breaks down the support of the MA5 line again, there is a possibility of testing the support of the MA20 line. “The current range of IHSG movement is between 6,850 and 7,000,” he said.
Stock Recommendations
For today’s stock recommendations, Wafi selected shares of PT Charoen Pokphand Indonesia Tbk (CPIN), PT Indah Kiat Pulp and Paper Tbk (INKP), PT Saratoga Investama Sedaya Tbk (SRTG), and PT Bank BTPN Syariah (BTPS).
Meanwhile, Herditya chose shares of PT Elnusa Tbk (ELSA), PT Merdeka Battery Materials Tbk (MBMA), PT Merdeka Copper Gold Tbk (MDKA), and shares of PT SLJ Global Tbk (SULI).
