JCI is Projected to Strengthen on Wednesday, These 6 Shares Could be an Option

JAKARTA - The Composite Stock Price Index (IHSG) has the potential to continue its bullish trend in trading today, Wednesday, January 17. The Phintraco Sekuritas Research Team estimates that the JCI will begin to continue its bullish trend in the trading price range of 7,200-7,300.

"Technically, the golden cross of the RSI stochastic in the oversold area together with the narrowing of the MACD indicator confirms signs of continuing the bullish trend," wrote Phintraco Sekuritas research.

From domestic conditions, Phintraco views the release of Indonesian Trade Balance (NPI) data on Monday, January 15 as still the main sentiment this week. In addition, export-import performance in December 2023 recorded a surplus of 3.31 billion US dollars with export performance increasing 1.89 percent MoM and imports decreasing 5.76 percent MoM.

Cumulatively throughout 2023, China is the largest non-oil and gas import trading partner with a value of 62.18 billion US dollars or the equivalent of 33.42 percent of total imports.

From a regional perspective, Phintraco assesses that the release of China's GDP growth data this Wednesday is one of the data that market players are waiting for. This is because China is Indonesia's main trading partner, so China's economic growth is important because it will be closely related to Indonesia's export-import performance.

On the other hand, market players are also paying close attention to the release of UK and Europe Area inflation data, which will be an important factor in the central bank's benchmark interest rate decision in the next few months.

Under these conditions, Phintraco recommends stocks that can be watched in today's trading, including, RAJA, TAPG, KAEF, INDY, NCKL, and ANTM.