JCI Is Predicted To Be Under Pressure On Wednesday, Check Out The Recommended Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to still tend to be depressed in today's trading, Wednesday, June 12 in the midst of waiting for market players to release Federal Reserve or FOMC meeting data.

Phintraco Sekuritas in its research said the JCI continued its weakening in trading last Tuesday, closing at the level of 6,855.69 with a decrease of 0.95 percent. Technically, the MACD indicator moves sideways, as well as the Stochastic RSI, which indicates that the JCI has the potential for support tests at the level of 6,800. The resistance level is 6,900 and pivot 6,850.

"In addition, the market may still be waiting and seeing the upcoming FOMC data release, thus affecting the sentiment of investors and market players," explained research by Phintraco Sekuritas.

Domestic retail sales data in April showed a significant decline to the level of -2.70 percent from the previous month which was at 9.30 percent. This indicates the normalization of purchasing power after a spike in consumption during the Lebaran period which is usually followed by a surge in consumption.

Meanwhile, car sales data experienced a limited improvement from -17.50 percent in April to -13.30 percent in May. Globally, the wait and see market for the release of the Fed interest rate data which is estimated to remain at the level of 5.50 percent. In addition, the Fed's speech is expected to provide an overview of the opportunity to cut interest rates this year.

On the other hand, American inflation data that will be released on the same day is estimated to be stable at 3.40 percent. Controlled inflation could increase the chances of cutting interest rates this year.

In addition, from the European region, namely the UK and Germany, will release important data. The UK is looking forward to releasing GDP data for April 2024 with a projected growth of 0.70 percent from the previous level of 0.60 percent in the previous month, showing economic improvements that could affect the Bank of England interest rate policy. Meanwhile, Germany will release inflation data which is expected to grow to 2.40 percent from 2.20 percent.

The recommended stocks today include ESSA, MBMA, and rebound opportunities for ANTM, INCO, ADMR.