Supported By Positive Domestic Economic Data, JCI Thursday Is Predicted To Continue Strengthening

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JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to continue the rebound to around 6,820-6,840, after yesterday's increase of 0.47 percent or 31.92 points to 6,811.90.

Phintraco Sekuritas in his research predicts Thursday's JCI strengthening can be achieved if the JCI position is above the psychological level of 6,800. The prediction is based on Wednesday's rebound which strengthens the golden cross signal from Stochastic RSI. Then, MACD has the potential to form a golden cross, if it confirms its rebound to 6,840.

"Domestic economic data is the main positive catalyst for the JCI. The latest data shows retail sales growth of 4.9 percent YoY in March 2023 from 0.6 percent YoY in February 2023," explained research by Phintraco Sekuritas.

In addition, the trend of retail sales growth is expected to continue from April to May 2023. This data also strengthens the push for rotation to consumer-related stocks.

"From the external side, the market is still watching developments in discussions on agreements related to debt ceiling in the US before debt ceiling is reached in early June 2023," explained Phintraco.

The stocks recommended by Phintraco Sekuritas include MPMX, INDY, WIFI, BRPT, MARK, INKP and TOWR.