JCI Is Projected To Move On Wednesday's Range Of 7,760-7,900, Check Out Stock Recommendations

JAKARTA - The Composite Stock Price Index (JCI) is projected to fluctuate in today's trading, Wednesday, September 3. Phintraco Sekuritas in his research said that the JCI today will move in the resistance range of 7,900, pivot 7,850, and support 7,760.

Phintraco Sekuritas explained that the JCI closed higher at the level of 7,801.59 (0.85 percent) on Tuesday. The security situation, which is more conducive in several cities in the country, has increased investor confidence levels.

"Rupiah also tends to strengthen," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that investors took advantage of the previous correctional momentum to make purchases on well-fundamental stocks.

"The expectation of a downward trend in the Fed and BI Rate rates is also a positive factor," explained Phintraco Sekuritas.

However, Phintraco Sekuritas explained, the strengthening of the JCI decreased ahead of the closing of trading. "This is allegedly because investors are still careful by conducting short-term trading," he explained.

Technically, Phintraco Sekuritas said, the JCI opened higher yesterday and then tended to move stably around the level of 7,830, before finally closing at 7,801. JCI has returned above the MA20 level at 7,790.

The RSI Stochastic indicator is in the oversold area, thus supporting the potential for a short-term follow-up rebound. However, MACD is still in a weakening area, "said Phintraco Sekuritas.

Thus, continued Phintraco Sekuritas, it is estimated that the JCI has the potential to fluctuate in the range of 7,760-7,900. If the level of 7,900 can be penetrated by volume, then the JCI has the potential to close the gap up at 7,942 and the opportunity to return to 8,000.

"However, if the JCI today moves again below the level of 7,800, then it has the potential to test the support level at 7,630-7,650," explained Phintraco Sekuritas.

Phintraco Sekuritas explained that the expectations of the trend of lowering the Fed interest rate, strengthening commodity prices, and increasing Indonesia's weight are expected to be a positive catalyst.

"But political and security factors are still a risk to watch out for," said Phintraco Sekuritas.

The stocks recommended by Phintraco Sekuritas today are CTRA, SMRA, TINS, ELSA and MEDC.