JAKARTA - The movement of the Composite Stock Price Index (JCI) has the potential to be corrected in trading on Tuesday, February 7, after yesterday's decline of 37.94 points or 0.55 percent to the level of 6,873.79.
Phintraco Sekuritas in its research assessed that technically the JCI validated the revised bearish minor signal of the spinning top pattern through weakening Monday 6 February.
"Be aware of the potential for further corrections to the nearest critical support level in the range of 6,800-6,830 which coincides with MA20 and MA50 on Tuesday's trading," explained Phintraco Sekuritas Research.
Therefore, Phintraco Sekuritas predicts JCI support at 6,830 and resistance at the level of 6,920. The weakening of the JCI occurred when the realization of Indonesia's GDP growth in 2022 was 5.31 percent yoy, which was greater than the estimate of 5.29 percent yoy.
"Net export growth is one of the main drivers of economic growth in 2022," explained the research of Phintraco Sekuritas.
With the trend of moderate commodity prices since December 2022, the market is worried about a decrease in Indonesia's economic growth rate in 2023.
"This is reinforced by the condition of the energy sector (-0.86 percent) which is one of the JCI sector which weakened the most significantly on Monday," he explained.
On the other hand, this condition strengthens the belief that the interest rate condition is almost at its peak considering that commodity price moderation has the potential to trigger acceleration of inflation's decline.
Some of the stocks that can be considered according to Phintraco Sekuritas are BBNI, BBTN, EXCL, PGAS and UNVR.
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