JAKARTA - The Composite Stock Price Index (JCI) is predicted to return to action today, Tuesday, September 3. JCI is expected to move today in the resistance range of 7,730, pivot 7,700, and support 7,650.
Phintraco Sekuritas in his research explained that the JCI again failed to break out 7,700 on Monday. Technically, the JCI yesterday formed a long upper shadow. MACD indicators began to move sideways along with indications of overbought on the Stochastic RSI.
"Therefore, it is necessary to be aware of the potential for the JCI pullback today with the support level closest to now at 7,650," wrote Phintraco Sekuritas in his research.
Phintraco Sekuritas added that Indonesia's inflation fell slightly to 2.12 percent yoy in August 2024 from 2.13 percent yoy in July 2024, relatively in accordance with market estimates. Still from within the country, the manufacturing index fell to 48.9 in August 2024 from 49.3 in July 2024.
"The data indicates a contraction in the manufacturing sector for two consecutive months," explained Phintraco Sekuritas.
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In the future, Phintraco Sekuritas said, the market will pay close attention to US ISM Manufacturing PMI data for August 2024, which is expected to rise to 47.8 from 46.8 in July 2024. The improvement in PMI data shows improvement in the manufacturing sector in the United States (US) after a prolonged contraction since April 2024.
Phintraco Sekuritas recommends observing five shares for today, namely AUTO, AALI, EMTK, BBYB and AGRO.
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