Responding To The Direction Of The JCI Movement Today, Six Stocks Are Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to be traded at resistance at 6,815, pivot 6,750, and support 6,680 in today's trading Friday 7 July.

Phintraco Sekuritas in his research explained that the weakening of global indexes strengthens the tendency of the JCI pullback today. Technically, the JCI entered the resistance area along with the overbought conditions at the Stochastic RSI.

"Thus, for now, be aware of the potential pullback to the range of 6,680," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the solid condition of the US employment sector builds speculation about the direction of the Fed's interest rate policy. In the latest FOMC, the Fed is believed to still raise the benchmark interest rate, but with a slower pace. Meanwhile, the ECB is still overshadowed by a slowdown in economic activity.

"Especially on the manufacturing side in determining the direction of monetary policy," explained Phintraco Sekuritas.

Phintraco Sekuritas assessed that the market seems to be careful this weekend until the beginning of next week, ahead of the release of US, German and Chinese inflation data next week. The data is one of the main factors to consider determining the benchmark interest rate.

Phintraco Sekuritas recommends market participants to pay attention to the six stocks for the continued rebound in today's trading, namely ASII, BBCA, GOTO, MNCN, GGRM and AKRA.