JAKARTA - The movement of the Composite Stock Price Index (JCI) reiterated its strengthening in trading Thursday, May 16, by up 0.93 percent or 66.86 points to 7,246.70. So what about today's trading, Friday 17 May?
Phintraco Sekuritas in his research said the JCI moved to test resistance at the level of 7,250 and form a rising window (gap up) on Thursday.
Along with this strengthening, there are strong indications of minor bullish reversal as reflected in the technical indicator, namely the formation of positive slope widening in moving average convergence/divergence (MACD) and the formation of a minor double bottom pattern.
The patterns are validated with an increase in transaction volume on Thursday, explained Phintraco Sekuritas.
The rupiah exchange rate rose or lasted below IDR 16,000 per US dollar until Thursday afternoon. This is in line with the easing of capital outflows from the Indonesian stock market. It is estimated that there will be an inflow in the future.
The main catalyst for this phenomenon stems from an increase in market confidence in the Fed's interest rate cuts in September 2024. CME FedWatch Tools recorded a 53.5 percent chance of cutting in that period on Thursday.
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From external glasses, Japan's annual economic contraction realization of 2.0 percent in the first quarter of 2024 appeared much deeper than expected at -1.5 percent. In addition, the weakening of Japanese industrial production to 6.2 percent year on year (YoY) in March 2024 allegedly triggered capital inflow into Indonesia.
The stocks recommended by Phintraco Sekuritas for trading this weekend include PWON, CTRA, ASII, LSIP, and PGEO.
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