JCI Is Projected To Be Able To Continue Strengthening On Wednesday, These Seven Stocks Could Be Options

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to continue strengthening in today's trading, Wednesday, April 24, after yesterday's rebound of 0.52 percent or an increase of 36.99 points to the level of 7,110.81.

Phintraco Sekuritas in his research said that the JCI is projected to continue strengthening with support at 7,072 and resist at 7,165. Technically, there is potential for golden cross on the Stochastic Relative Strength Index (RSI) as well as narrowing of the negative slope on the Moving average convergence/divergence (MACD).

"JCI has the potential to test resistance at the level of 7,180," explained Phintraco Sekuritas research.

Domestically, the market is looking forward to the decision of the Bank Indonesia (BI) benchmark interest rate at the BI Board of Governors' Meeting (RDG) which was scheduled for this Wednesday.

The consensus estimates that Bank Indonesia will continue to maintain the benchmark interest rate at the level of 6.00 percent, along with the increase in inflation realization in March 2024 to 3.05 percent year on year (YoY).

Furthermore, on the same day, there was a release of credit growth data in March 2024 which is expected to be in the BI target range in the range of 10-12 percent. Meanwhile, in February 2024 credit growth was still relatively high, at 11.3 percent (YoY).

As for the global side, investors are waiting for the release of Durable Goods Order month on month (MoM) data in the United States (US) on Wednesday. It is estimated that there will be an increase to 2.5 percent of the MoM in March 2024 from the previous 1.3 percent MoM in February 2024.

The Durable Goods Order increase will represent recovery in the manufacturing sector in the US after a significant decline in January 2024 to reach -6.1 percent of the MoM.

The stocks recommended by Phintraco Sekuritas include BBCA, ICBP, CPIN, CTRA, TOWR, TBIG, and ISAT.