Strengthening JCI Is Projected To Be Detained At The End Of The Week, Five Shares Can Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to fluctuate in today's trading, Friday, July 5, after yesterday's increase of 24.13 points (0.34 percent) to the level of 7,220.8. Phintraco Sekuritas in his research estimates that the JCI today will move in the resistance range of 7,250, pivot 7,200, support 7,140.

Phintraco Sekuritas explained, without any Wall Street directions Thursday, July 4, which took a day off for commemorating the Independence Day of the United States (US), the market may be a little confused towards this weekend. Moreover, technically, Stochastic RSI indicates that conditions are very overbought.

"Therefore, today's JCI strengthening rally is likely to be restrained. The JCI is expected to fluctuate today in the range of 7,200-7,240," wrote Phintraco Sekuritas.

According to Phintraco Sekuritas, the JCI today was supported by the continued strengthening of the Rupiah exchange rate to Rp16,325 per US dollar, down 0.24 percent on Thursday afternoon. Strengthening was triggered by the strengthening speculation of cutting the Fed Rate in September 2024. Even economists began to open up opportunities for cuts 3 times in 2024.

"The triggers include the weakening of labor sector data in the US and a significant decline in the US service sector index in June 2024," explained Phintraco Sekuritas.

Phintraco Sekuritas recommends five shares for today, namely HMSP, BFIN, BUKA, MAIN, and CPIN.