JCI Weekends Projected to Continue Strengthening, Four Stocks Recommended by Analysts

JAKARTA - The Composite Stock Price Index (JCI) is projected to continue strengthening in today's trading, Friday, July 31, after yesterday closed up significantly by 1.56 percent to 6,186.3.

Phintraco Sekuritas in its research explained that stock trading rebounded despite the increase in crude oil prices and weakening on global stock indexes.

Brent crude prices continued to rise above the $92 per barrel level after the US carried out a new wave of air strikes against Iran in response to attacks on US forces in the Middle East. Thus raising concerns about further disruptions to global energy supplies.

The rupiah closed down 0.17 percent to 18,075 rupiah per US dollar, in line with the rise in the US dollar index even though the Fed still kept its interest rates.

Technically, the JCI closed above the MA5, MA20 and MA50 levels, and is still above the 6,000 level. Stochastic RSI is approaching the oversold area and has the potential to experience a Golden Cross.

"So it is estimated that the JCI will continue to strengthen and test the level of 6,200-6,250 on Friday, July 31," wrote Phintraco Securities.

Meanwhile, MNC Sekuritas estimates that the nearest strengthening area of the JCI is at the level of 6,172-6,219.

Meanwhile, the stocks recommended by MNC Sekuritas for trading today are AADI, BBRI, DEWA, and TINS.