JCI Is Projected To Test On Wednesday To Level 7,150, Check Out Recommended Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) managed to increase by 0.90 percent or 63.12 points to the level of 7,099.31 at the close of trading on Tuesday, June 4. JCI is predicted to return to testing to the level of 7,150 in today's trading, Wednesday 5 June.

Phintraco Sekuritas in his research saw that the Moving Average Convergence (MACD) indicator showed a narrowing of the negative slope. Meanwhile, Stochastic Relative Stretch Index (RSI) is in the oversold area.

"This indicates the potential of the JCI to re-test the level of 7,150," explained the research of Phintraco Sekuritas.

Regionally, market participants are looking forward to releasing data from China showing indications of recovery in the service sector. The Purchasing Managers' Index (PMI) for the service sector is projected to experience limited growth, towards the level of 52.60 in May 2024 from the level of 52.50 in the previous month. Meanwhile, PMI Composite is projected to be stable at the level of 52.80 in May 2024.

The global financial market is also looking forward to the release of US Institute for Supply Management (ISM) PMI in May which is projected to penetrate the expansion zone to a level of 50.50, an increase compared to April at the level of 49.40. This shows an increase in activity in the service sector and provides an illustration that the United States' economic condition is still quite strong.

The top preferred stocks, according to Phintraco Sekuritas for today, include JSMR, ASSA, SMRA, INTP, SMGR, and PNLF.