JCI Monday Potentially Tests Resistance At Level 7,375, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) today, Monday, March 25 has the potential to test resistance at the level of 7,375. The Phintraco Sekuritas Research Team in its research said that until trading on Friday, March 22, the JCI closed higher at the level of 7,350.15. This marks the maintenance of bullish momentum so that the index managed to break out the pivot at the level of 7,340 and gave a potential rebound signal. "Technically, there is a negative slope narrowing on the MACD indicator, hinting at a positive momentum that can encourage the JCI to test its next resistance at the level of 7,375 on Monday," the Phintraco research wrote. From a global perspective, Phintraco said investors were waiting for the monthly release of the utility goods order in the United States (US) on Tuesday, March 26. It is estimated that the data will recover 1 percent in February 2024, after a significant decline in January to -6.1 percent. This is in line with the US producer price index (PPI) as of February 2024 which experienced a significant increase of 1.6 percent year-on-year (YoY) from previously up 1.0 percent YoY. In addition, there was also a release of consumer confidence level (CB) consumer confidence data on the same day. This data is estimated to be stagnant or the same as the achievements in February 2024 which is perched at the level of 106.7. "From the region, investors are looking forward to the results of the BoJ [Bank of Japan] Monetary Policy Meeting Minutes on Monday, after BoJ raised the benchmark interest rate to 0.00 percent or in line with market expectations," wrote research Phintraco.

The increase was the first interest rate increase since 2007, so the policy meetings are expected to add positive catalysts for the Japanese economy this year. Along with this, the Phintraco Sekuritas Research Team advised investors to pay close attention to ASII, ICBP, INDF, SMGR, TKIM, and TOWR shares in today's trading. Last week, or during the period 18 – 22 March 2024, the JCI increased by 0.30 percent, closed at 7,350,152 from 7,328,054 previous weeks. At the same time, market capitalization also increased 0.48 percent to Rp11,748 trillion.