JCI Thursday Vulnerable To Correction, 8 Stocks Can Be An Option

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to be prone to correction in trading on Thursday 7 September. JCI today is estimated to be 7,020 resistance, 6,950 pivot, 6,900 support.

Phintraco Sekuritas in his research explained that the JCI today is still prone to correction or consolidation in the rest of this week. Stay alert to potential corrections to the range of 6,950-6,980.

"Technically, the potential for correction is based on the formation of a long upper shadow from Wednesday's movement. RSI's stochastic is indicated to be overbought, and there is a tendency to decrease transaction volume," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that today's JCI movement will be influenced by regional and domestic important economic data. From the region, the value of Chinese exports and imports is estimated to still contract in August 2023, although it is better than the contraction in July 2023.

"The Chinese trade balance surplus is expected to fall in August 2023. This condition indicates the recovery of domestic consumption in China," added Phintraco Sekuritas.

Phintraco Sekuritas explained that energy commodity prices are expected to continue to strengthen. In addition to efforts to cut supply, expectations for demand recovery from China also trigger this strengthening.

Meanwhile, Phintraco Sekuritas recommends commodity stocks that still have the potential to advance in today's trading. These commodity stocks include PTBA, HRUM, PGAS and INDY.

"In addition, pay attention to the potential for rotation to TLKM, INDF, ICBP, UNVR and BRIS," explained Phintraco Sekuritas.