Market Players Still Observing The Fed's Policy Direction, JCI Tuesday Projected To Move Sideways

JAKARTA - The Composite Stock Price Index (JCI) closed down 0.48 percent or down 35.158 points to the level of 7,276.749 in yesterday's trading, Monday 4 March. JCI is also projected to still move sideways with a pivot of 7,300 and support resistance in the range of 7,250-7,370 today, Tuesday 5 March.

Phintraco Sekuritas in his research said that there was still a technical negative slope widening in MACD. In addition, the stochastic RSI is almost entering the oversold area, so there is a consolidation opportunity in the support range of 7,250.

According to him, market participants are still observing the development of the monetary policy direction of the Fed and ECB. The ECB is estimated to hold the benchmark interest rate at the level of 4.5 percent at this week's meeting.

Meanwhile, the Fed's policy direction directions are likely to rely on Fed Chairman Jerome Powell's testimony this week.

"The testimony was delivered after the release of US employment data which is expected to fall in February 2024. There is speculation that the testimonials are more dovish than Powell on March 6," explained research by Phintraco Sekuritas.

Domestically, the market tends to anticipate the February 2024 foreign exchange backup data which will be released on Wednesday. The position of foreign exchange reserves is believed to be far above the minimum international adequacy, which is 3 months of imports.

Meanwhile, stocks of top picks according to Phintraco Sekuritas include PTBA, PGAS, MDKA, ERAA and speculative buys in ASSA.