JCI Is Projected To Move Limited On Thursday, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to move limited in the range of 7,200-7,300 in today's trading, Thursday, December 28, after closing up 0.12 percent yesterday to the level of 7,245.91.

CEO of Yugen Bersinar Sekuritas William Surya Wijaya conveyed that the development of the JCI movement pattern in this short week moved quite moderately and seemed to still feel at home in a reasonable consolidation range.

"As long as the JCI has not been able to close above the nearest resistance level, the opportunity for consolidation will be wider," he said in a research publication.

In addition, the JCI movement will still be colored by sentiment from fluctuations in the rupiah exchange rate and commodity prices. Today the JCI has the potential to move in a limited range of 7,123-72.

The stocks he recommends include BBCA, BBNI, ICBP, BSDE, TBIG, KLBF, PWON.

Meanwhile, the Phintraco Sekuritas Research Team explained that the JCI formed a gravestone doji in trading last Wednesday, and was supported by a positive slope narrowing of the MACD.

"JCI is expected to consolidate at the pivot level of 7,250 on Thursday, December 28," wrote the Phintraco Sekuritas Research Team.

Phintraco Sekuritas estimates the JCI resistance will be at the level of 7,300, with support at 7,200 today. According to Phintraco Sekuritas, sentiment towards the JCI will come from the latest US economic data. This data builds market expectations The Fed will lower the benchmark interest rate in the first quarter of 2024.

CME Fedwatch Tool shows the Fed Rate's 71.3 percent cut probability in FOMC March 2024. This triggered the strengthening of the rupiah exchange rate by 0.355 percent to the level of IDR 15,425 on Wednesday afternoon.

Meanwhile, from within the country sentiment came from a shorter trading day this week, following the New Year's holiday. This also affects the caution of market players.

"However, investment performance has the potential to increase in line with investor confidence in the fundamentals of the domestic economy," he said.

Phintraco Sekuritas said market participants could pay attention to stocks with continued rebound and rebound opportunities such as HRUM, EMTK, CMRY, SMDR, TINS, and ANTM for today's trading.