JCI Is Projected To Strengthen On Wednesday To Test Level 7,280, Check Out Recommended Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to strengthen to test the level of 7,280 in today's trading, Wednesday, February 7, after yesterday's trading managed to rise 0.68 percent to the level of 7,247.

The Phintraco Sekuritas team in its research said that technically the JCI formed an upper shadow followed by the Stochastic RSI which had entered the overbought area. Thus, the JCI is expected to consolidate in the 7,200 - 7,280 area on Wednesday's trading.

"JCI has the potential to consolidate in the 7,200 - 7,280 area, with a pivot at the level of 7,250 and support at 7,175," wrote Phintraco Sekuritas.

Phintraco explained that from the global market, investors anticipate the release of Balance of Trade data in the US which is expected to deficit US$62.2 billion in December 2023 from the previous US$63.2 billion in November 2023.

In addition, investors are also anticipating the release of Consumer Credit data in the US which is projected to be USD 14.90 billion in December 2023, down from USD 23.75 billion from November 2023.

The decline in Consumer Credit indicates an improvement in the economic level and low market expectations for the level of public spending as well as consumer confidence in December 2023.

Domestically, investors are waiting for the release of the foreign exchange reserves position which is estimated to remain above the international adequacy standard of around 3 months of imports. As for December 2023, the position of foreign exchange reserves is equivalent to financing 6.7 months of imports and 6.5 months of payment of government foreign debt.

The realization of this performance indicates that Indonesia's foreign exchange reserves are able to support the resilience of the external sector and maintain macroeconomic and financial system stability.

Along with the predictions of the JCI movement, Phintraco Sekuritas recommends several stocks to be observed today, namely ITMG, ACES, SRTG, INKP, MAPI, BSDE, and ISAT.