JCI On Wednesday Tests Level 7,050, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to test the highest level or resistance at 7,050 today, Wednesday, November 29. Phintraco Sekuritas predicts the JCI will move at 7,050, pivot 7,000, support 6,950 today.

Phintraco Sekuritas explained, today's JCI movement is expected to be limited by resistance at the level of 7,050. The reason is, the Stochastic RSI is still in the overbought area.

"JCI has again formed a fairly long upper-shadow after the resistance test of 7,050 on Tuesday (28/11/2023)," wrote Phintraco Sekuritas in his research.

Phintraco Sekuritas added that other sentiments stem from the release of inflation data in Germany which is expected to fall to 3.5 percent year on year (yoy) in November from the previous 3.8 percent yoy in October.

"This condition strengthens the confidence of the market that the ECB will hold the benchmark interest rate in the next meeting," explained Phintraco Sekuritas.

Then, Phintraco Sekuritas said, from the US, economic growth will also be released which is expected to increase to 5 percent quarter on quarter (qoq) in the third quarter of 2023, previously 2.1 percent qoq in the second quarter of 2023. This condition reduces concerns about the negative impact of strict economic policies on economic outlooks in the US.

Phintraco Sekuritas recommends seven shares for today, namely MDKA, MEDC, BRIS, ADRO, ESSA, TPIA, and BBNI.