JCI Has The Potential To Strengthen This Weekend, Here Is The Factor

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (IHSG) has the potential to strengthen in weekend trading, Friday, January 13, after it was raised 0.69 percent or 45.48 points yesterday to 6,629.93.

In his research, Phintraco Sekuritas said that technically, the JCI closed the gap to 6,620 and formed a morning star doji. This indicates the potential for a further rebound to around 6,680 today.

The rebound potential is strengthened by the formation of a golden cross on the Stochastic RSI in the oversold area. He said JCI support was at 6,600 and resistance at 6,740.

Meanwhile, the external sentiment driving the JCI came from a reversal in sentiment originating from the decline in inflation in the US in December 2022. The continued decline in inflation builds expectations of adjustments to the Fed's policy direction to become less aggressive than the instructions presented in the December 2022 FOMC.

"Expectations of recovery in demand from East Asia, particularly China, are also improving in line with the reopening and easing of Covid-19 restrictions in China," explained research by Phintraco Sekuritas.

From within the country, economic activity is considered to be still quite strong despite being overshadowed by the issue of a global recession. Indonesia's Consumer Confidence Index (IKK) rose to 119.9 in December and retail sales grew 1.3 percent on an annual basis in November 2022.

According to Alrich, several stocks to watch are BBCA, BBNI, BBRI, and BMRI. While Herditya recommends BBCA, BBRI, and SMGR.