JCI Tuesday Projected to Move in the Range of 6,080-6,250, Four Stocks Recommended

JAKARTA - The composite stock price index (JCI) is predicted to consolidate in today's trading, Tuesday, July 28, after yesterday closed down 0.17 percent to 6,185.7.

The sudden resignation of Bank Indonesia (BI) Governor Perry Warjiyo was negatively responded by the market because in the short term it increased market uncertainty due to the new leadership transition amid the depreciation of the Rupiah and the potential for an upward interest rate trend.

However, the correction in crude oil prices limited the weakening of the JCI. The rupiah closed down 0.26 percent at Rp18,009 per US dollar in the spot market.

Phintraco Sekuritas in its research explained that the positive MACD histogram narrowed again and the Stochastic RSI continued to weaken at the pivot area. However, the JCI still remains above the MA20 and MA50 levels.

"So it is estimated that the JCI will tend to consolidate in the range of 6,080-6,250," wrote Phintraco Sekuritas.

Meanwhile, MNC Sekuritas estimates the area of 6,074-6,146 as the correction area of the JCI. Meanwhile, it is estimated that the nearest strengthening area is at 6,262-6,299.

MNC Sekuritas recommends four stocks for today, namely HRTA, INDY, PGEO, and WIFI.