The JCI on Thursday Has the Potential to Still Weaken, These are Stocks That Can be Watched
JAKARTA - The Composite Stock Price Index (IHSG) is expected to move within a limited range in today's trading Thursday, December 8, and has the potential to continue the bearish trend after weakening 1.07 percent to the 6.818.75 label in last Wednesday's trading.
The Phintraco Sekuritas research team estimates that the JCI resistance level for tomorrow's trading will be 6.960, with a support level at 6.815.
"Technically, the stochastic RSI is already in the oversold area. JCI's movement has the potential to be limited in the critical support area of 6.815 on Wednesday. But still be on the lookout for a bearish continuation to 6.785 if a breaklow of critical support 6.815 is confirmed this Thursday," wrote research by Phintraco Sekuritas.
In terms of sentiment, there is speculation that the Fed will maintain an increase in the benchmark interest rate by 75 basis points in December 2022. This is in contrast to the statement from the Head of the Fed which suggests a slowdown in the Fed Rate starting in December 2022.
"However, the majority of market participants still believe that the Fed will raise its benchmark interest rate by 50 basis points at the December 2022 FOMC," explained research by Phintraco Sekuritas.
Regionally, China's trade balance in November 2022 fell to USD 69.84 billion. Meanwhile, exports and imports decreased by 8.7 percent yoy and 10.6 percent yoy, respectively.
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"This adds to fears of slowing China's economic growth in 2022."
On the other hand, China also announced the easing of COVID-19 restrictions. This easing includes the repeal of mandatory negative test results for COVID-19. This has the potential to trigger a further rebound in commodity prices, including oil, gas and coal.
On the basis of the above sentiments, Phintraco Sekuritas said that market players could watch for buy on support opportunities in banking and energy stocks, such as BBRI, BBNI, BMRI, ELSA and ADMR. Investors can also pay attention to the continued rebound from TLKM and ESSA shares.