JCI Tuesday Potentially Corrected, Analyst: Six Stocks Deserve To Be Collected

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to be corrected in today's trading, Tuesday, October 22. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range of 7,830, pivot 7,750, and support 7,650.

Phintraco Sekuritas explained, technically, the JCI formed a spining top pattern indicating a potential reversal of trends. MACD movement tends to sideways and RSI stochastics in the overbought area.

"Thus, be aware of the JCI's reasonable correction potential today, with support levels at 7,650," wrote Phintraco Sekuritas.

Phintraco Sekuritas said that the domestic market seemed to have responded positively to President Jokowi's conducive leadership transition to President Prabowo yesterday. In addition, this positive sentiment was also driven by the sustainability of the positions of several important ministers, one of which was the Minister of Finance which was again held by Sri Mulyani.

"With Sri Mulyani re-electing who has a fairly good track record and still trusted by her to lead the financial sector, it seems that she is able to reduce the risk of concerns in the market regarding the Minister of Finance who will serve in the Prabowo Gibran period," said Phintraco Sekuritas.

In the future, Phintraco Sekuritas said, the market is expected to have minimal sentiment both globally and domestically. However, market participants are still waiting for the release of some economic data, both internationally and domestically.

Globally, Phintraco Sekuritas said Britain would release Public Sector Net Borrowing data for September which is expected to worsen again from 13.73 billion in August to 14.70 billion in September.

"Meanwhile, the domestic market is looking forward to releasing M2 Money Supply data for September. Where in the previous month M2 Money Supply was at the level of 7.3 percent YoY," added Phintraco Sekuritas.

Meanwhile, Phintraco Sekuritas recommends six stocks that have the potential to pay for today, namely MEDC, ELSA, ASII, SRTG, TOBA, and ADMR.