JAKARTA - The Composite Stock Price Index (JCI) closed up 64.79 points or 0.96 percent to the level of 6,806.76 on Tuesday, October 24. Phintraco Sekuritas in his research said that the JCI has the potential to form bullish harami, if the rebound continues on trading today, Wednesday, October 25.
"Together with the rebound, the Stochastic RSI formed a golden cross in the oversold area on Wednesday," explained the research of Phintraco Sekuritas.
In trading this Wednesday, the JCI will be supported by the rebound of bank shares, especially largely capitalized banks in line with the rebound in the rupiah exchange rate against the United States (US) dollar on Tuesday. The spot rupiah rose 0.54 percent to the level of IDR 15,849 per US dollar at the end of trading on Tuesday.
This condition is supported by the tendency of market players in the US to return to more risky investment instruments, particularly the shares of technology companies, ahead of the release of the third quarter of 2023 financial statements this week.
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"Amazon, Alphabet, Meta, and Microsoft are among those scheduled to release financial reports this week," explained research by Phintraco Sekuritas.
JCI is projected to move at the resistance level of 6,850 and support 6,750, with a pivot of 6,800. The market can pay attention to continued rebound opportunities at BBRI, BRIS, PWON, ASII, and ICBP.
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