Five Potentially Cuan Shares Amid Today's Consolidation Movement

JAKARTA - The Composite Stock Price Index (JCI) is predicted to move in the resistance range of 7,550, pivot 7,500, support 7,450 in today's trading, Tuesday, October 8.

Phintraco Sekuritas in his research explained that the JCI recorded a technical rebound above the critical level of 7,500 on Monday. Along with this movement, a negative slope began to be narrowed to MACD.

"This condition strengthens indications that the weakening of the JCI today has begun to enter the consolidation phase in the range of 7,500 levels which coincides with the MA20 indicator range," wrote Phintraco Sekuritas in his research.

However, Phintraco Sekuritas said the weakening of Wall Street Monday, October 7 was in line with the continued surge in oil prices which has the potential to suppress the JCI today. The price of brent is now in the range of assumptions for the 2024 State Budget at US$ 80 per barrel.

"If the price spike continues, the issue of adjusting the fuel price for assignments in Indonesia on 4Q24 may again spread," added Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said, the market is looking forward to releasing data on the Consumer Confidence Index today as a reference for assessing current and future economic conditions.

"The market estimates consumer confidence will remain stable at the optimistic level of 124.5 in September 2024," said Phintraco Sekuritas.

Phintraco Sekuritas recommends five stocks that have the potential to pay today, namely TLKM, EMTK, BFIN, UNVR, and TKIM.