JCI Potentially Weakening On Weekends, What Stocks Are Recommended?

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken, in today's trading, Friday 30 August. Phintraco Sekuritas estimates that it will move in the resistance range of 7,700, pivot 7,650, and support 7,600.

Phintraco Sekuritas explained that the JCI turned lower after a bullish test target based on a flag pattern at 7,700 on Thursday's trading.

"Based on this pattern and without solid external directions, the JCI today is prone to further pullbacks to the support range of 7,600," wrote Phintraco Sekuritas in his research.

Phintraco Sekuritas added that it is interesting to note that the condition of improving the latest economic data in the United States (US) has actually been responded to by increasing the opportunity to cut the Fed's benchmark interest rate by 50 bps at the FOMC September 2024 (CME FedWatch Tools).

The 50 bps cutting opportunity rose from 27% to 33% on Thursday (29/8/2024), added Phintraco Sekuritas.

Furthermore, Phintraco Sekuritas said the market would still be busy with a lot of important economic data from the US and Europe, including producer inflation in the US, inflation in the Euro Area and unemployment rates in Germany. The data fills a void in domestic sentiment that tends to lack data this weekend.

Phintraco Sekuritas recommends monitoring six selected stocks, one of which is CLEO.

Trading buy on shares of TLKM, CLEO, ESSA, DOID. Meanwhile, buy on support for ASSA and BRIS shares," concluded Phintraco Sekuritas.