JAKARTA - The Composite Stock Price Index (JCI) will still fluctuate in today's trading, Friday, October 4. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range 7,600, pivot 7,550, and support 7,500.
Phintraco Sekuritas explained, the JCI today is expected to fluctuate again in the range of pivot 7,550. Technically, MACD is still forming a negative slope widening. However, the Stochastic RSI began to reverse up from the oversold area.
"The movement shows indications of the JCI consolidation phase today," wrote Phintraco Sekuritas.
Phintraco Sekuritas said the selling pressure was expected to remain on hold during the Chinese exchange holiday until October 7, 2024. Speculation of fiscal stimulus by the Chinese government has increased investor's appetite for China's equity in recent weeks.
Still from external, Phintraco Sekuritas added, the market is watching developments in the geopolitical situation in the Middle East. The OPEC+ policy to start increasing production volume in October 2024 does not seem to have suppressed the surge in oil prices.
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"The reason is, rumors about the potential for Israeli retaliation by carrying out attacks on Iran's oil production facilities are strengthening," explained Phintraco Sekuritas.
The stocks recommended by Phintraco Sekuritas today are PNLF, ASII, AUTO, MAPI and CTRA.
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