JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to fluctuate today, Wednesday, March 1, after closing down 11.54 points or 0.1 percent to 6,843.2.
Phintraco Sekuritas predicts the JCI will be traded at resistance at 6,940, pivot 6,870, support 6,820. Phintraco Sekuritas explained that the JCI fluctuating movement today is in the range of 6,820-6,870 in the midst of various external sentiment.
"Technically, Stochastic RSI passed the pivot at 50 percent. Also, MACD forming a golden cross indicates the potential for a pivote test of 6,870 today," wrote Phintraco Sekuritas in his research.
Phintraco Sekuritas added that the continued release of the 2022 financial report and the dividend distribution plan for the 2022 financial year are expected to still be the main driver of the JCI. This is because the sentiment from the economic data is estimated to be mixed.
The Chinese manufacturing index is expected to stay above the expansionary limit (50) in February 2023. Meanwhile, from within the country, inflation is estimated to rise to 5.44 percent yoy in February 2023 from 5.28 percent yoy in January 2023.
Considering the sentiment above, Phintraco Sekuritas recommends that mining and energy (export-oriented) stocks be considered again, including INCO, ANTM, MDKA, ADMR and HRUM.
Market participants can also observe potential rebounds in BRIS, PGAS, JPFA, SRTG and potential bullish continuation in SIDO.
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