JCI Wednesday Overshadowed By Domestic And Global Sentiments, These Stocks Can Be Options

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed down 0.22 percent, down 15.50 points to 7.083.76 on Tuesday 14 May trading. What are the predictions for today, Wednesday 15 May?

Phintraco Sekuritas saw that there was an inverted dragonfly doji pattern formed at the JCI movement rate last Tuesday. This indicates that the selling pressure is still quite large for the JCI.

Then, based on Stochastic Relative Strength Index (RSI), it shows a 50 percent breaklow in the pivot level. This can strengthen the potential for further consolidation in the range of 7,000-7,200 with a pivot at 7,100 on Wednesday.

Domestic retail sales experienced growth as estimated at 9.3 percent year on year (YoY) in March 2024 from the previous 6.4 percent YoY in February 2024. The Consumer Confidence Index increased to 107.7 in April 2024.

These two data indicate that domestic consumption is still relatively solid and reliable to maintain economic growth above 5 percent YoY, explained the research of Phintraco Sekuritas.

In addition to domestic sentiment, the JCI movement will next reflect the market response to the speech of Fed Head Jerome Powell. This speech was Powell's first speech after the release of weakening US employment data.

Furthermore, the CME FedWith Tools noted that the opportunity to cut the benchmark interest rate in September 2024 has increased again to 49.6 percent.

According to Phintraco Sekuritas, the stocks that can be considered for today include BBRI, BRIS, INDF, ICBP, and ISAT.