JCI Predictions At The Beginning Of The Week And Stock Recommendations Potentially Cuan

JAKARTA - The Composite Stock Price Index (JCI) is predicted to weaken, in today's trading, Monday 19 August. Phintraco Sekuritas in his research estimates the JCI will move in the resistance range of 7,450, pivot 7,400, support 7,350.

Phintraco Sekuritas said Wall Street indexes strengthened on Friday 16 August. Along with this strengthening, Wall Street recorded the best week of strengthening since November 2023.

"The strengthening was supported by improvements to a number of the latest economic data that dampens recession concerns in the United States (US)," wrote Phintraco Sekuritas.

Phintraco Sekuritas said retail sales in the US grew 2.7 percent yoy in July 2024 from 2 percent yoy in June 2024. This condition was followed by an increase in the Michigan Consumer Sentiment Prel. to 67.8 in August 2024 from 66.4 in July 2024.

Phintraco Sekuritas predicts the JCI today tested strong resistance at 7,450. However, be aware of the potential pullback given the Stochastic RSI condition which has entered the overbought area.

"Pay attention to the 7,400 pivot and 7,350 support this week," added Phintraco Sekuritas.

Phintraco Sekuritas said the market anticipates FOMC Minutes which is scheduled for Thursday 22 August as a reference for the market towards the Fed's future monetary policy after the recent release of American economic data recently.

In addition, continued Phintraco Sekuritas, the US Core Inflation Rate in July 2024 in the Euro zone is scheduled for release on Tuesday, August 20, which is estimated to be stable at the level of 2.9 percent YoY. This condition is feared to affect the direction of ECB's monetary policy.

"From within the country, the focus of the market is on the results of the BI Board of Governors Meeting on Wednesday, August 21. There is speculation about cutting the benchmark interest rate," explained Phintraco Sekuritas.

Phintraco Sekuritas recommends six stocks for today's trading, namely TLKM, BRIS, EMTK, MNCN, BRMS, and INDY.