JAKARTA - The Composite Stock Price Index is predicted to weaken in trading today, Friday, November 17. Phintraco Sekuritas in its research said that today's JCI is expected to trade at resistance 6,980, pivot 6,920, support 6,880.
"Technically, along with Thursday's pullback, today's JCI has the potential to form a bearish harami pattern," wrote Phintraco Sekuritas in its research.
Phintraco Sekuritas added that the correction was influenced by the realization of a decline in the China house price index of 0.1 percent yoy in October 2023, consistent with the decline in September 2023.
"This data indicates that the property market recovery in China will still be slow in October 2023," added Phintraco Sekuritas.
Domestically, Phintraco Sekuritas explained, the property price index rose 1.96 percent yoy in the third quarter of 2023, compared to an increase of 1.92 percent yoy in the second quarter of 2023. The majority of Property & Real Estate Development shares corrected or pulled back on Thursday.
According to Phintraco Sekuritas, next, the market will anticipate inflation data in the Euro Area and speeches from a number of Fed heads on November 17, 2023. Both are believed to strengthen expectations that the benchmark interest rate will be maintained.
Baca juga:
Phintraco Sekuritas recommends eight shares for profit. The reason is, four shares have the potential for further rebound in ANTM, ASII, ASSA, BDMN.
As for the other four stocks, pay attention to buy on support opportunities at CPIN, JPFA, UNVR, TBIG.
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