JAKARTA - The Composite Stock Price Index (JCI) is predicted to consolidate on Tuesday, November 14. Phintraco Sekuritas estimates the JCI will be traded at resistance at 6,900, pivot 6,850, and support at 6,800.
"Technically, Stochastic RSI and MACD are relatively moving sideways accompanying Monday's movement," wrote Phintraco Sekuritas in his research.
Phintraco Sekuritas explained that the increase in the new Yuan Loans to 738.4 billion Yuan in October 2023 from 665 billion Yuan in September 2023 builds optimism for improving China's economic conditions, especially domestic consumption in November and October 2023.
"The reason is that China's JCI experienced deflation of 0.2 percent (year on year/yoy) in October 2023," explained Phintraco Sekuritas.
Meanwhile, from within the country, Phintraco Sekuritas added, the market is still preparing to face the realization of Indonesia's Trade Balance on Wednesday, November 15. The NPI surplus is expected to occur again in October 2023.
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"However, the surplus was caused by a deeper decrease in the value of exports from a decrease in the value of imports," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends six shares for today, namely MYOR, TBIG, UNTR, INDF, PGEO, and ACES.
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