JCI Prediction for the Beginning of the Week, Check Out the Recommended Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) weakened at the end of last week, Friday, November 10. JCI weakened 28.97 points or 0.42 percent to 6,809.26.

However, during the week the JCI still rose 0.30 percent. So, what about the JCI projections for the beginning of this week?

Technically, Phintraco Sekuritas in its research said that the JCI weakened below MA5 (6,834) at the end of last week's trading.

"This weakening is supported by the tendency for the Stochastic RSI to decline from the overbought area," he explained.

This week's JCI is expected to be driven by global and domestic sentiment. From China, there was the release of new loan data which is expected to fall to CNY 665 billion in October 2023.

This follows deflation of the consumer price index (CPI) in China which amounted to 0.2% on an annual basis in October 2023. This condition builds expectations that economic improvement in China will be relatively limited in the remainder of 2023.

The United States (US) and the UK will release inflation data for October 2023 on Tuesday and Wednesday this week. The realization of inflation has the potential to determine the policy direction of the central bank of each country in the remainder of 2023.

Domestically, data on the Indonesian Trade Balance (NPI) for Indonesian exports and imports will be released on Wednesday, November 15. The NPI surplus is estimated to fall to 3.3 billion US dollars in October 2023.

"Meanwhile, the slowdown in exports and imports is starting to be limited to 15.6 percent YoY and 8.7 percent annually in October 2023," explained Phintraco Sekuritas research.

The JCI is projected to move to the resistance level of 6,850 and support of 6,750, with a pivot of 6,800. The recommended shares include ADRO, BBTM, SIDO, EXCL, BIRD, and SCMA.