Tuesday's JCI Has The Opportunity To Strengthen Again, See Stock Recommendations
JAKARTA - The Jakarta Composite Index has the potential to rebound today, Tuesday, February 21, after closing slightly lower 0.99 points (0.01 percent) yesterday to a level of 6,894.7.
Phintraco Sekuritas in his research said that today's JCI is expected to move at the resistance of 6,940, pivot of 6,870, and support of 6,820. The potential for a JCI technical rebound today is still open, if it is able to maintain at 6,860.
However, if the weakening trend continues, JCI is prone to forming a minor bearish reversal. One of the considerations is the widening of the negative slope of the MACD.
"If the weakness continues, watch for the next strong support around 6,820 (MA50)," wrote Phintraco Sekuritas.
Phintraco Sekuritas added that profit-taking in stocks that strengthened significantly last week, including technology stocks, put pressure on the JCI yesterday. This condition is still likely to continue in today's JCI, amidst the tendency of market players to anticipate the release of the Fed's minutes.
SEE ALSO:
Phintraco Sekuritas explained, market participants hoped to obtain information regarding the peak of The Fed Rate from the minutes. Currently, the market is anticipating at least 3 hikes to The Fed Rate in the first semester of 2023.
In the midst of these conditions, Phintraco Sekuritas recommended stocks with potential earnings. Buy on support opportunities for issuers with rebound potential, such as TLKM, BSDE, PWON, UNVR, INDF, and TINS can be watched today.