JCI Predicted To Consolidate Monday In Area 7,350-7,400, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is expected to consolidate in the 7,350-7,400 trading area today, Monday, January 8, after closing down to 7,350 last weekend.

"From this weakening, the Stochastic RSI continued its decline from the overbought area, so the JCI is expected to consolidate in the 7,350-7,400 area on Monday, January 8, 2024," wrote the research published by Phintraco Sekuritas.

From an external perspective, Phintraco views investors waiting for a number of economic data, one of which is Non-Farm Payrolls (NFP) data from the United States (US). Meanwhile, from within the country, there will be a release of consumer confidence data which is expected to rise to level 124 in December 2023 from the previous 123.6 in November 2023.

Phintraco assessed that this was in line with expectations, namely public consumption increased at the end of the year. In line with this data, retail sales is estimated to increase to 3.5% YoY in November 2023 from 2.4% YoY in the previous month.

With this projection, Phintraco pinned recommendations for top picks for trading tomorrow including ADRO, MDKA, TBIG, MYOR, MTEL, INDY and ACES shares.