KONTAN.CO.ID - JAKARTA. The IDX Composite Index (IHSG) strengthened by 20.52 points or rose 0.28% to the position of 7,247.92 on Monday (22/1). NH Korindo Securities Indonesia (NHKSI) Research sees technically the IHSG returning to the support of MA10 in the 7,230 area, although it has not yet broken through the MA20 resistance at the 7,260 level.

Head of Research NH Korindo Securities Indonesia Liza Camelia Suryanata considers the movement of the IHSG to still be sideways and has not neutralized the threat of further consolidation. 

Unless the IHSG can close above 7,275 - 7,300, it will slightly secure the position at least until the all-time high resistance area around 7,370 - 7,400. 

Meanwhile, from the global market, the S&P 500 and Dow closed at record highs on Monday (22/1). The Dow ended above the 38,000 level for the first time, supported by the continuously advancing technology sector ahead of a busy week of corporate performance reports and key economic data. 

Major Technology stocks, which drove the stock rally, mostly strengthened as investors awaited results from several big names including Netflix, Tesla, 3M, and Intel. "Top-tier economic data is on the calendar for this week which will likely influence the Federal Reserve's interest rate decision next week," Liza said in her research, Tuesday (23/1).

From Asia, the Shanghai & Hang Seng HKG stock markets plummeted about 2% following the announcement by the central bank of China that their PBoC Loan Prime Rate remained unchanged or as expected, each at the level of 3.45% and 4.2% for 5 years. Today it is the turn of the Bank of Japan which will release their interest rate decision which can almost certainly not move from its super-loose monetary policy at the level of -0.1%.

Meanwhile, South Korea this morning was the earliest to report inflation at the Producer level in December which rose to 1.2% (yoy) from 0.6% in the previous month. On the other hand, from the commodity market, oil prices rose about 2% on Monday amid concerns over global energy supplies following a Ukrainian drone attack on Russia's Novatek fuel terminal.

Extreme cold weather continues to hamper crude oil production in the United States (US) in North Dakota as the third-largest oil-producing state that covers 20% of US oil output. So far there are also no signs of stopping the Israeli attacks in Gaza, while the Houthi militants allied with Iran, are still targeting commercial ships in the Red Sea despite retaliation from the US. 

Brent crude oil for March contracts closed at US$ 80.06 per barrel, or up 1.9%. US West Texas Intermediate (WTI) crude oil contracts for February delivery closed at US$ 75.19, strengthening 2.4% as the contract ended.

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The prediction of global demand growth for 2024 issued by the US Energy Information Administration, International Energy Agency, and OPEC+ mentions ranging between 1.24 million and 2.25 million barrels per day. Although all three organizations predict that demand growth will slow down in 2025.

Considering various factors, technically Liza predicts that the IHSG today will move at the support level of 7,200 / 7,100 / 7,040 - 7,050. While the resistance area is at 7,270 - 7,280 and 7,300 - 7,330.

Here are the recommended stocks to watch for Tuesday's (23/1) trading:

1. PT BFI Finance Indonesia Tbk (BFIN)

Recommendation: Speculative buy Entry Level: Rp 1,240 - Rp 1,220. Target: Rp 1,275 - Rp 1,280 / Rp 1,350 / Rp 1,370 - Rp 1,400 Stoploss: Rp 1,195.

2. PT Ace Hardware Indonesia Tbk (ACES)

Recommendation: Speculative buy Entry Level: Rp 810 - Rp 800 Target: Rp 840 - Rp 845 / Rp 870 - Rp 890 Stoploss: < Rp 780.

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3. PT Delta Dunia Makmur Tbk (DOID)

Recommendation: Speculative buy Entry Level: Rp 390 - Rp 398 Target: Rp 408 - Rp 410 / Rp 422 - Rp 428 / Rp  464 Stoploss: Rp 384.

4. PT GoTo Gojek Tokopedia Tbk (GOTO)

Recommendation: Speculative buy Entry Level: Rp 87 - Rp 85 Target: Rp 92 / Rp 95 - Rp 97 / Rp 109 - Rp 110 Stoploss: Rp 81.

5. PT Barito Renewables Energy Tbk (BREN)

Recommendation: Speculative buy Entry Level: > Rp 5,500 Target: Rp 5,925 / Rp 6,400 - Rp 6,600 / Rp 6,825 - Rp 6,950 Stoploss: Rp 4,900.

Editor: Hasbi Maulana