The Jakarta Composite Index (JCI) is projected to strengthen in Monday trading, supported by increased buying volume after rising 1.04 per cent on Friday. Herditya Wicaksana, technical analyst at MNC Sekuritas, said the index still has potential to extend its gains with prospects of testing the 6,440-6,544 range.
Herditya projects the JCI will move within a support range of 6,319 and 6,201, and resistance levels of 6,454 and 6,599 in today's trading. The analyst also recommended several stocks including BULL, BUMI, MLPL, and SRTG to watch.
Ivan Rosanova, analyst at Binaartha Sekuritas, stated that the stock index still has potential to extend its gains after successfully breaking through the Fibonacci resistance of 6,392 on Friday. The breakout above 6,392 opens the opportunity for the JCI to continue its upward trend towards 6,545, with positive momentum maintained as long as the index holds above 6,300, he said.
The JCI closed at 6,409 in Friday's trading, up 65.94 points from the previous session. In that day's transactions, investors conducted trades worth Rp16.45 trillion with 37.97 billion shares traded in 2.2 million transaction frequencies. At the close of last week, 355 stocks advanced, 235 declined, and 203 remained unchanged.
