JCI Prone To Consolidation, Check Out 5 Recommendations For Cuan Shares Today
JAKARTA - The Composite Stock Price Index (JCI) slightly strengthened 0.13 percent, up 9.19 points to 6,889.17 in trading Monday, June 24.
Phintraco Sekuritas predicts JCI is prone to consolidation in the range of 6,900 on Tuesday, June 25.
In addition, the JCI today is estimated to move at resistance at 6,960, pivot 6,900, support at 6,830.
Phintraco Sekuritas analyst Alrich Paskalis Tambolang said the JCI tried to return to the top of the 6,900 plot on Monday, June 24.
Limited strengthening with a decrease in volume on Monday indicates weak momentum for the JCI to continue strengthening.
"JCI is prone to consolidation again, especially if it fails to survive above 6,900 on Tuesday, June 25. JCI is expected to fluctuate in the support-resistance range of 6,830-6,960," he explained to VOI, Tuesday, June 25.
Alrich conveyed that domestic sentiment was improving, as seen from the strengthening of the Rupiah exchange rate of 0.33 percent to Rp16,390 per US dollar on Monday, June 24.
The strengthening is in line with the high market expectations of cutting the Fed Rate in September 2024.
SEE ALSO:
According toLA, the opportunity to cut is above 60 percent based on the latest poll by the CME FedWatch Tools.
"The estimated decline in US CB Consumer Confidence in June 2024 and the slowdown in US economic growth in the first quarter of 2024 is believed to increase the chance of cutting the Fed Rate in September 2024," he said.
Alrich recommended trading Tuesday, June 25, namely MYOR, BTPS, BUKA, TINS and BRIS shares.