Tuesday's JCI Has the Potential to Continue Its Rebound, You Can Pay Attention to These Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) has the potential to continue strengthening in today's trading, Tuesday 14 May, after rising 0.15 percent yesterday or 10.47 points to 7,099.26.

Phintraco Sekuritas in its research saw that there was potential for a further rebound due to the JCI being stuck at around the 7,100 level. Based on the Moving Average Convergence/Divergence (MACD) indicator, there is a narrowing negative slope and the stochastic Relative Strength Index (RSI) is in the oversold area.

"So, JCI is expected to continue its rebound by testing resistance at level 7,150 on Tuesday's trading," explained Phintraco Sekuritas research.

The main positive sentiment came from the realization of growth in the Consumer Confidence Index (IKK), which rose from the level of 123.80 in March to 127.70 in April. The stable IKK growth reflects the resilience of the Indonesian economy which is still quite strong, especially in facing global uncertainty.

Meanwhile, from the external side, the market is waiting for the release of United States (US) data in the form of the Producer Pricer Index (PPI) for April which is scheduled for release on Tuesday, May 14. It is estimated that this data will tend to stabilize at the level of 0.20 percent.

On the same day, market attention was also focused on the speech that would be delivered by Jerome Powell. Powell is expected to discuss the possibility of cutting interest rates, looking at April's PPI data as an early clue to the possibility of a rate cut this year.

The top picks according to Phintraco Sekuritas for trading this Tuesday include MEDC, ELSA, BBCA, BBNI, BNGA, and MAPI shares.