JAKARTA - The Composite Stock Price Index (JCI) is predicted to continue to weaken in today's trading, Thursday, July 25. Phintraco Sekuritas in its research said that today's IHSG is predicted to move at resistance 7,300, pivot 7,250, and support 7,200.
Phintraco Sekuritas said that receiving relatively solid negative direction from external sources, today's IHSG is predicted to continue to pullback.
"Be aware of the support level at the psychological level of 7,200. Technically, the weakening on Wednesday triggered a widening of the negative slope on the MACD," wrote Phintraco Sekuritas.
Phintraco Sekuritas explained that the market is waiting for the release of US GDP Growth data which is predicted to increase to 1.9 percent YoY in Q2-2024 from 1.40 percent YoY in Q1-2024. On the same day, Durable Goods data will be released, which is projected to grow limitedly to 0.40 percent YoY from the previous 0.10% YoY.
"Increased growth in durable goods means higher consumer demand, increased purchasing power, and positive economic growth," explained Phintraco Sekuritas.
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Back to domestic, Phintraco Sekuritas said that the market is still anticipating the realization of real investment in Indonesia in Q2-2024. This data is believed to be the focus of the market in the near future which will influence the market's view of the Indonesian economic outlook.
Phintraco Sekuritas recommends five stocks for trading today, namely BBTN, CPIN, PGEO, MDKA and ASSA.
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