JCI Tuesday Potentially Weakens Limited, Check Out Today's Preferred Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in today's trading, Tuesday, May 21, after closing down 0.69 percent yesterday to the level of 7,266,691.

Phintraco Sekuritas said HSG closed pullback at Monday's trade close with a correction of 0.69 percent to the level of 7,266. Technically, according to him, there is a potential death cross in the overbought area at Stochastic RSI and MACD which tends to sideways.

"Thus, the JCI has the potential to weaken limited to the pivot area of 7,250 on Tuesday," explained the research of Phintraco Sekuritas.

Furthermore, ahead of FOMC Minutes on Thursday, May 23, there were a number of speeches from several Fed officials, one of whom Raphael Bostic on Tuesday, May 21. The last statement from Bostic on Thursday May 16 tends to welcome the release of inflationary data which has slowed down more than expected last week and predicts that the trend will continue, thus opening the potential for a reduction in interest rates towards the end of the year.

"Meanwhile, on the same day, there was also a speech from US Treasury Secretary Janet Yellen," explained Phintraco Sekuritas.

In addition, in Europe, investors are waiting for the release of the MoM Producer Price Inflation (PPI) data in April 2024 which is estimated to slow down at the level of 0.1 percent MoM from the previous 0.2 percent MoM in March 2024. The PPI in March 2024 showed an increase after experiencing a contraction at the level of -0.4 percent in February 2024.

"There was also a release of European Union Balance of Trade data which is estimated to increase by 30.2 billion US dollars in March 2024 from the previous 29.5 billion US dollars in February 2024," explained Phintraco Sekuritas.

With these sentiments. Phintraco Sekuritas recommends observing UNTR, MEDC, EXCL, ADMR, and ELSA shares.