JCI Tuesday Potentially Weakening, Seven Stocks Worth Paying Attention To

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to weaken in trading Tuesday, July 18. JCI is expected to trade in the resistance range of 6,880, pivot 6,830, support 6,780 today.

Phintraco Sekuritas in his research explained that the JCI today is estimated to weaken the pivot test by 6,830 to the nearest support at 6,780. Technically, the gravestone doji pattern was formed along with indications of overbought in the Stochastic RSI.

"This strengthens the projected weakening of the JCI today," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that domestic negative sentiment stemmed from a decrease in export value to 21.18 percent yoy and a decrease in import value to 18.35 percent yoy in June 2023. This decline is much deeper than expected. In May 2023, export value still grew 0.92 percent yoy, while import value grew 14.35 percent yoy.

"The slowdown in Chinese economic activity in June 2023 is one of the main triggers of this condition," added Phintraco Sekuritas.

From external, Phintraco Sekuritas said, the increase in food prices such as wheat, corn and soybeans, which are the main raw materials in producing a number of basic commodities in Indonesia, has the potential to trigger an increase in inflation and reduce people's purchasing power for some time to come.

Phintraco Sekuritas recommends seven stocks that deserve attention for today's trading. The seven stocks are ADHI, WIKA, BRIS, BTPS, BBNI, SRTG and UNVR.