JCI Thursday Has The Opportunity To Continue Strengthening, What Stocks Are Recommended?

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) has the opportunity to continue its strengthening at the resistance level of 7,370 in today's trading, Thursday, February 29.

The Phintraco Sekuritas Research Team said that technically, there is a potential golden cross on the Stochastic RSI and is supported by the narrowing of the negative slope MACD. Thus, the JCI has the potential to continue strengthening.

From the external side, the focus of global investors today will be on the release of important data in the United States (US), namely PCE Price Index and Initial Jobless Claim.

"PCE Price Index in January 2024 is projected to be 2.4 percent YoY, down from 2.6 percent in December 2023, while the Core PCE Price Index is projected to be 2.8 percent or down from 2.9 percent," wrote research Phintraco Sekuritas.

The decline in PCE Price Index expectations is in line with the realization of US CB Consumer Confidence which is far below expectations of 106.7 in February 2024 from the previous 110.9. The release of the data and a speech from a number of Fed officials, are expected to provide more clues about the direction of cutting the Fed's interest rate this year.

Still from a global perspective, Phintraco explained that the release of Initial Jobless Claims data in the US is estimated to increase to 210,000 in February 2024 from the previous 201,000 in January 2024.

An increase in Jobless Claims Initials will increase investor confidence in the Fed's chance of cutting the Fed's benchmark interest rate in June 2024. CME FedWatch Tools recorded market confidence in cutting the benchmark interest rate at FOMC June 2024 by 60.2 percent.

"Meanwhile, from within the country, investors are still waiting for the release of inflation data and PMI [Purchasing Managers Index] Manufacturing in February 2024 which is expected to remain solid," wrote Phintraco.

For trading this Thursday, the Phintraco Sekuritas Research Team advised investors to pay close attention to BBNI, UNVR, TLKM, LSIP, DSNG, and INDF shares.