JCI on Monday Has the Opportunity to Rebound, Investors Must Consider the Following Stock Recommendations

JAKARTA - The Composite Stock Price Index (IHSG) has the potential to rebound in today's trading, Monday, July 22. Phintraco Sekuritas in its research said the highest level (resistance) of IHSG is estimated at 7,350, pivot 7,300, and the lowest (support) 7,250.

"Technically, the JCI formed a pattern resembling a dragonfly doji on Friday, July 19. The Stochastic RSI is still in the golden cross formation phase in the oversold area, although it has experienced a correction," wrote Phintraco Sekuritas.

On the other hand, in the short term, the market seems to be influenced by sentiment from the European Central Bank's (ECB) decision to hold its benchmark interest rate and the hawkish tone of ECB officials regarding the opportunity for further cuts in the future.

"However, this condition does not affect market confidence in the Fed's benchmark interest rate cut in September 2024," explained Phintraco.

Domestically, the market is waiting for real investment data from BKPM. This condition is believed to affect the market's view of the economic outlook ahead of the inauguration of the president and vice president in October 2024.

"The market seems to have anticipated the possibility of a slowdown in real investment growth," said Phintraco.

With various existing factors, investors can observe a number of potential stocks, namely Adaro Minerals Indonesia (ADMR), AKR Corporindo (AKRA), Avia Avian (AVIA), Bank Syariah Indonesia (BRIS), Indofood Sukses Makmur (INDF), and Sido Muncul (SIDO).