KONTAN.CO.ID – JAKARTA. The Composite Stock Price Index (IHSG) closed down 38.84 points or fell 0.53% to level 7,296,702 in trading on Monday (19/2).

MNC Securities analyst Herditya Wicaksana said, in trading on Monday (19/2), the IHSG corrected 0.53% to 7,296 accompanied by the emergence of sales volume. 

Herditya explained, on the black label, the position of the IHSG is already at the end of wave b from wave (ii), so the IHSG will be vulnerable to correction again forming the beginning of wave c to its nearest range at 7,200-7,272, noting that the IHSG has not yet been able to break resistance at 7,403. 

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“The good news is, if the IHSG can break 7,403, then the IHSG has the opportunity to strengthen again forming a red label to test 7,420 - 7,500,” said Herditya, in his research, Monday (19/2).

Furthermore, MNC Securities projects, the IHSG today (20/2), will test support at level 7,197 - 7,099. While the IHSG will test resistance at position 7,370 - 7,403.

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Here are stock recommendations from MNC Securities for early trading on Tuesday (20/2):

1. PT XL Axiata Tbk (EXCL) 

EXCL corrected 3.08% to Rp 2,200 and is still dominated by sales volume.  Herditya estimates that the position of EXCL is currently part of wave (y) from wave [ii], so EXCL is still vulnerable to continue its correction and can be used for BoW.

• Recommendation: Buy on Weakness
• Target Price: Rp 2,370 - Rp 2,550
• Stop Loss: Below Rp 2,040

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2. PT GoTo Gojek Tokopedia Tbk (GOTO)

GOTO strengthened 1.20% to Rp 84 accompanied by the emergence of buying volume, but GOTO's strengthening has not yet been able to penetrate MA20. 

According to him, as long as GOTO is still able to stay above Rp 76 as its stoploss, then the position of GOTO is currently at the end of wave [ii] from wave C, so GOTO's correction tends to be limited and has the opportunity to continue its strengthening.

• Recommendation: Spec buy
• Target Price: Rp 92 - Rp 100
• Stop Loss: Below Rp 76

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3. PT H.M Sampoerna Tbk (HMSP)

HMSP corrected 1.11% to Rp 890 and is still dominated by sales volume. According to Herditya, as long as it can stay above 865 as its stoploss, then the position of HMSP is currently at the beginning of wave (iii) from wave [iii] so HMSP still has the opportunity to rebound.

• Recommendation: Buy on Weakness
• Target Price: Rp 930 - Rp 950
• Stop Loss: Below Rp 865

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4. PT Petrosea Tbk (PTRO)

PTRO strengthened 5.72% to Rp 4,990 accompanied by an increase in buying volume, but PTRO's strengthening has not yet been able to penetrate the MA20 and MA60 cluster. 

“Currently, the position of PTRO is estimated to be at the beginning of wave 3 from wave (C), so PTRO still has the opportunity to continue its strengthening,” said Herditya.

• Recommendation: Buy on Weakness
• Target Price: Rp 5,550 - Rp 6,200
• Stop Loss: Below Rp 4,460

Editor: Hasbi Maulana