JCI Thursday Is Projected To Be Still Vulnerable To Weakening, These Stocks Can Be An Option
JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in today's trading, Thursday, April 18, after yesterday's decline of 0.47 percent or 33.97 points to 7,130.84.
Phintraco Sekuritas in his research said that technically the JCI movement showed the stochastic Relative Strength Index (RSI) indicator forming a death cross in the pivot level. The market will be aware of the support critical JCI at 7,130 on Thursday.
"The breakdown level is a strong bearish reversal signal, while the next closest support is at 7,075," explained Pintraco Sekuritas research.
Furthermore, JCI is still supported by positive growth in domestic retail sales by 6.4 percent in February 2024. Previous data showed the Consumer Confidence Index was at 123.8 in March 2024.
These two data indicate that domestic consumption is still reliable in supporting the pace of economic growth.
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However, the JCI movement is still overshadowed by the weakening of the rupiah exchange rate which has reached Rp. 16,215 per US dollar, Wednesday, April 17.
The stocks recommended by Phintraco Sekuritas include TKIM, INKP, PGEO, and ACES.