JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to strengthen in today's trading, Thursday, December 15 amid a signal of a slowdown in the Fed's interest rate hike.
The Phintraco Sekuritas research team estimates the JCI resistance level in today's trading is 6,880, with support levels at 6,720 after fluctuating on Wednesday's trading.
"JCI remains above the psychological level of 6,800 after fluctuating on Wednesday. In line with this movement, Stochastic RSI and MACD formed a golden cross that strengthens indications of a follow-up rebound. JCI has a chance of a resistance test of 6,880 on Thursday," wrote research Phintraco Sekuritas.
In line with the potential increase in the JCI, banking stocks are predicted to strengthen in today's trading. In addition, the Fed's latest monetary policy and signals regarding the direction of monetary policy in 2023 open up opportunities to strengthen the rupiah exchange rate to lower limits on consolidation areas in the range of IDR 15,450 per US dollar.
"Previously, inflation in the US fell deeper than expected in November 2022. This increased the confidence that the Fed would be less aggressive in early 2023," explained the Phintraco Sekuritas Team.
Still from the external side, the price of brent oil returns above US$80 per barrel and persists until Wednesday afternoon. This triggered the rebound in commodity stock prices, especially coal producers such as ADRO, ITMG and PTBA.
"Market participants can also pay attention to rebound opportunities and further strengthening in EXCL, ENRG, SRTG and INCO," said Phintraco Sekuritas research.
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