JCI Friday Prone To Profit Taking, Five Shares Can Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to be prone to profit-taking in today's trading, Friday, August 16. Phintraco Sekuritas in his research said that today the JCI is expected to move in the resistance range of 7,450, pivot 7,400, support 7,340.

"JCI today is prone to pullback due to profit-taking in the short term. Technically, Thursday's correction opens up opportunities for the formation of death cross in the oversold area on the Stochastic RSI indicator and the existence of strong resistance at 7,450," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the JCI movement on Thursday showed a mixed market response to domestic economic data. The Indonesian Trade Balance (NPI) decreased to 470 million US dollars in July 2024 from 2.39 billion US dollars in June 2024.

However, continued Phintraco Sekuritas, this condition was followed by an increase in export and import value which was far above expectations. Export value grew 6.46 percent yoy in July 2024 (vs expectation 3.85 percent yoy), while import value grew 11.07 percent yoy in July 2024 (vs expectation 0.04 percent yoy).

"The increase in export value is relative to expectations following improvements to similar data recorded by China," added Phintraco Sekuritas.

Still from within the country, Phintraco Sekuritas said, the market anticipates the Bank Indonesia (BI) interest rate policy next week, ahead of cutting the Fed's benchmark interest rate in September 2024. Several times before, BI tended to move earlier than the Fed.

"This makes the market speculate that BI has the opportunity to cut the benchmark interest rate at the meeting."

Meanwhile, Phintraco Sekuritas recommends five shares for today, namely ANTM, INCO, TINS, PANI, and JPFA.