The JCI on Friday Prone To Profit Taking Action, These Are Recommended Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (IHSG) on Friday, June 16 is predicted to fluctuate amid rampant profit-taking.

Phintraco Sekuritas predicts that the JCI will trade at resistance 6.750, pivot 6.680, support 6.600. Today's JCI is expected to move consolidatively in the range of 6.680-6.730.

"Technically, the Stochastic RSI is still in the overbought area which makes JCI today vulnerable to short-term profit-taking," wrote Phintraco Sekuritas in its research.

Phintraco Sekuritas added, when the market begins to digest that the Fed has provided clear instructions regarding the terminal rate, the JCI has the potential to be consistent in a bullish reversal trend.

"This is based on the condition of a number of rate-sensitive stocks which are on a strong bullish trend," added Phintraco Sekuritas.

Phintraco Sekuritas added that the energy sector was the main driver for the JCI on Thursday, triggered by expectations of increased demand for coal from India to meet its power plant needs.

A significant rebound in oil prices on Thursday also has the potential to trigger a further rebound in energy stocks.

"This is because the realization of China's latest economic data has the potential to accelerate monetary policy easing by China's central bank," said Phintraco Sekuritas.

For this reason, Phintraco Sekuritas has recommended six stocks as potential investors this weekend, namely ITMG, ADRO, PTBA, UNTR, GGRM, and ISSP.